Suze Orman’s Business Is Here To Help You Build Your Emergency Fund

Suze Orman, a #1 New York Times bestselling author, magazine and online columnist, writer/producer, and one of the top motivational speakers in the world today, has been reminding women for years about the importance of building your emergency fund.

To further support her mission of helping people, Orman co-founded a new business, SecureSave, alongside co-founders Devin Miller and Bassam Saliba. This business aims to help individuals and businesses build up their emergency funds so they are prepared for any financial crisis that may come their way.

When it comes to saving for an emergency, timing is everything. Those who have deductions taken out of their pay check are significantly more likely to have emergency savings than those who don't. This is because people are more likely to resist using money they don't have immediate access to. As such, payroll deductions may be an effective way to help people build up their emergency savings.

The benefits of having an emergency fund

Having an emergency fund can make all the difference during difficult times. An emergency fund can give you peace of mind, knowing that you have a financial cushion to fall back on if something unexpected happens. This peace of mind can help reduce stress and give you the confidence to focus on more pressing matters. Plus, having extra money saved up can be incredibly beneficial when it comes to making larger purchases or investing in long-term projects.

In recent years, employers have been feeling more responsible for the financial health of their employees. With the cost of living rising and most workers living pay check to pay check, many employers are starting to offer financial wellness programs to help their employees get on track. These programs can include budgeting workshops, debt counselling, and even financial coaching. Some employers even offer student loan repayment assistance or matching 401(k) contributions.

Why is it important for businesses to use this service?

Companies should consider offering an emergency savings incentive to employees for several reasons. First, it can help to improve employee morale and motivation. Feeling financially secure can reduce stress and allow employees to focus on their work. Second, it can help to reduce absenteeism and presenteeism. Employees concerned about their finances are more likely to either stay home when they are sick or come to work when they should be resting, leading to reduced productivity. Third, it can show employees that the business cares about their financial well-being and is willing to invest in their future. Offering an emergency savings incentive is a win-win for both companies and employees.

How does this service work?

SecureSave allows users to set up automatic deposits into their savings accounts each month with as little as $20 per deposit. Users can then track their progress toward achieving their financial goals with the built-in tracking tools provided by the app. Additionally, users can access their funds anytime without penalty or fees, making it easier for them to manage their finances more effectively.

The bottom line is that having a secure emergency fund is essential to protect yourself from life's unexpected events while also providing the freedom and flexibility needed to pursue more significant investments or goals without worrying or fearing failure due to a lack of funds. Everyone deserves to feel financial security by having their emergency fund set up.