Be sure to check out our updated Friday Hours at Lathrop, Stephenson, and Rincon! Click here to learn more.
All Georgia Heritage FCU Branches and Call Center will be closed on Wednesday, June 19th and will reopen on Thursday, June 20th.
Routing Number: 261271694
Scroll Up Scroll down
Find ATM
to Your GHFCU Account

How Much Money Should You Put Away?

Oct 19, 2018

How much money should you save for a rainy day? Whether you're a business owner or home owner, having enough money in your savings account for emergencies is important.

The savings rate is an important national economic statistic. However, it is even more important on an individual level. Whether it is a business or family, putting money away is key to staying afloat economically.

Of course, everyone will go through ups and downs financially. Whether that is poor investment outcomes, unexpected medical costs, fixing a car or unexpected legal costs for a law firm, there are always new things to think about. For that reason, putting savings away is always important.


Companies should generally put 10% of their revenue in a savings account or low-risk investment portfolio (like share certificates). These savings are put away in case of poor sales and economic turbulence that causes business to slow down.

Recessions are inevitable, and businesses must save for this eventual outcome. Unfortunately, during these periods costs don’t change, so the best thing to do is to use some of the hard-earned savings to get by and boost the business for a year or so. Then the company will be in even better shape and ready to take advantage of the return to regular economic activity.

Individuals and Families

In general, individuals and families don’t have the same luxury as businesses do in being able to increase income by selling more goods. Families are on a regular income that increases only with pay raises. Still, saving money is absolutely crucial in case someone is laid off or unexpected costs arise.

As a base, a family or individual should have three months of expenses tied up in a savings account. This includes the cost of rent, mortgage, car insurance, gas, car payments, food, day care, and other costs. Ideally, an individual should put far more than this number in a savings account, but this is a good starting point.

Georgia Heritage Federal Credit Union is a leading savings institution in the Savannah Metropolitan Area. For additional tips on how to save money or to learn more about the various savings accounts we have available, please contact us online or step into one of our credit union branches.

See our blog page for useful information about money management, savings accounts, checking accounts, retirement accounts, home loans, and consumer loans.

Become a Member of GHFCU

Anyone who lives, works, worships, or attends school in Chatham, Effingham, or Bryan counties in Georgia and their immediate family members may gain membership to the Credit Union.

Apply Now

Check Out Our Other Posts

You are now leaving Georgia Heritage Federal Credit Union

Georgia Heritage Federal Credit Union provides links to websites of other organizations in order to provide visitors with certain information. A link does not constitute an endorsement of content, viewpoint, policies, products or services of that web site. Once you visit another website not maintained by Georgia Heritage Federal Credit Union, you are subject to the terms and conditions of that website, including but not limited to its privacy policy.

You will be redirected to

Click the link above to continue or CANCEL

Skip to content