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5-step Plan To Save $1,000

November 5, 2018 Money worries keeping you up at night? Here’s something that could get you on the path to sweeter dreams. Did you know almost half of all Americans don’t have the cash to pay a $400 emergency expense?* No wonder so many of us are staring at the ceiling when we should be sleeping! We’ve got something that can help: setting up a savings account and giving yourself a goal of saving at least $1,000. Why $1,000? The short answer is that it’s a manageable goal for most people — even if it might not sound like it at first! And it’s a goal that could actually make a difference. Having $1,000 set aside could go a long way toward covering an unexpected expense and keep you from running up an expensive credit card bill (or, gulp, using a payday lender), having to borrow from family or friends or selling something to get out from under. Our five-step plan to get that $1,000 saved

Step 1: Set a savings goal on Summit's Climbr®.

There’s lots of research to show people do a better job achieving their goals when they put them in writing. is a great way to do that. It lets you set a timeline and tells you how much to save each week/month to hit it. You can also use Climbr to track your expenses and to get transaction alerts. You’ll know when you’ve got an upcoming bill or are in danger of overdrawing an account — things that could put your goal at risk.

Step 2: Tell other people.

Know you’ll be more motivated if you tell others? Get on Facebook! Have joint finances? You need your loved ones on board to make this happen.

Step 3: Set up a savings account and call it “Emergency Savings.”

Have a separate, earmarked account and you’ll be less likely to dip into it for an impulse buy. Try to forget this money even exists — unless you have an emergency, of course!

Step 4: Pay yourself first with automatic transfers.

Tend to look at savings as the money that’s “left over” — and feel surprised and disappointed when there’s nothing left to save? Put yourself and your savings first and treat savings like a bill you have to pay. The best way: transfer money to savings as soon as your paycheck hits.

Step 5: Find that $1,000. Here are a few ideas.

  • Use cash. You’ll spend less if you can’t pull out your debit or credit card when it’s time to pay.
  • Cut out all unnecessary spending. Set a realistic timeframe for hitting your target (again, Summit's Climbr® is your friend here) and make it a game you play with yourself and your loved ones. Who can think of the best free Friday night activity? Who can make the best homemade lunch? Who can find the best deals at the grocery store? And do you actually use things like cable and premium streaming options? If not, stop paying for them!
  • Get a temporary, part-time job. This won’t be a solution for everyone. But if you’re motivated to get that money saved and have the flexibility it might be a good choice until you hit your target.
  • Find better deals on things you have to have. We all need insurance, some sort of phone/Internet, food, gasoline and similar. Online research or a few phone calls could help you cut costs in all these areas.
You can save $1,000 — and Summit’s here to help make it happen! Smart money tips brought to you by  , Summit’s exclusive financial wellness program.
* Friedman, Zack. (May 24, 2018) “40% of Americans Can’t Pay $400 Emergency Expense.” Forbes. Retrieved from You might also be interested in Whew – what a journey! has officially come to a close, and these four teams have been impressive. And they’re leaving this program with less debt, mo Financial success isn’t how much money you have — it’s feeling good about what you’re doing with the money you have. How can we help you avoid difficult money situations and put you in the best financial position for success? This question is at the heart of so many things we do here as your financial partner – including our decision to eliminate the non-sufficient funds (NSF) fee as of April 1. Are you struggling to come up with the perfect New Year’s resolution? Here are three great reasons why focusing on your finances should be a priority this year! It’s not every day that someone gives you hundreds, or maybe even thousands, of dollars for (seemingly) no reason. That’s what makes getting a tax return so exciting. So before that much-anticipated check arrives, stop and consider what you should do with your tax refund, as well as what you want to do. Simple, everyday choices can reduce consumption and our impact on the environment. Learn ways to be more eco-friendly…and your spending at the same time! Sometimes having a little extra cash is the only thing between you and your dreams. Check out these financial tips to be smart about borrowing money and avoid common mistakes. With a little planning, you may be able to actually save a little money during the holidays. Check out these tips to keep costs down without missing out on the holiday fun. Your home is your castle, your refuge and—let’s face it—a place where it can be very easy to sink a big chunk of money. Which is why you’re always on the lookout for “sweet spots”:  those home improvements that add comfort, safety or a little zing of style while you’re living in your house and will boost the asking price when it’s time to sell. And if you can find a way to save money on those improvements or cut home expenses at the same time, well that sweet spot just got a little sweeter! Featured Products Certificates Checking Accounts Home Equity Loans Home Loans Business Banking Certificates Checking Accounts Home Equity Loans Home Loans Business Banking Financial Education Upcoming Events Programs Tools & Calculators On-demand Webinars Podcasts Upcoming Events Programs Tools & Calculators On-demand Webinars Podcasts About Equity in Money™ About Summit Careers News Community Giving Equity in Money™ About Summit Careers News Community Giving Help & Support Contact Us Member Support Center Schedule an Appointment Find a Branch Contact Us Member Support Center Schedule an Appointment Find a Branch Please read the following before proceeding to: The website you are about to visit is solely the responsibility of the merchant or other party providing the site. The content of this third-party site, including materials and information, is solely the responsibility of the provider of the site. The Credit Union is not responsible for any such third-party content. Any transactions that you enter into with a vendor, merchant or other party that you access through this third-party site are solely between you and that vendor, merchant or other party. The Credit Union does not endorse the content contained in this third-party site, nor the organization publishing the site, and hereby disclaims any responsibility for such content. The Credit Union Privacy Policy does not apply to this third-party site, and for further information you should consult the privacy disclosures of the third-party site. NCUA Insurance Estimator Privacy, Security & Accessibility Rates, Fees, Terms & Disclosures Routing Number *  The Wisconsin's #1 Mortgage Lender designation is based on the number of loans in 2022, gathered from the Home Mortgage Disclosure Act data compiled annually by the Consumer Financial Protection Bureau. The results of the data were obtained through the LEI: 254900NTAC4H10MGSU23 **  SBA Lender of the Year Award for Credit Unions as awarded by the Small Business Administration of Wisconsin in 2023. Copyright 2024 © Summit Credit Union. All rights reserved. If you are using a screen reader and are having problems using this website, please call 608-243-5000 for assistance. Insured by NCUA