Birmingham, Ala. (WIAT) — The Graham family has developed four main goals for their eCO Savings Race journey!
- To pay off credit cards
- To increase their emergency fund
- To meal plan
- To save up for big purchases
“It makes so much sense. It’s just a matter of putting it into our everyday life and living by it. That’s going to be the hardest part I think is sticking to what we want to do,” Megan Graham said.
Megan’s husband Wesley is still feeling the effects of student loans he took out in college.
“Boy, they do a good job marketing them! I had grant money, and I had scholarship money in college, but I took out money sometimes because I wanted to go to the beach. Like, I took out student loans to go on vacation! That is crazy! I’m still paying for that beach trip,” Wesley said.
As the Grahams pay off those past vacations, they are thankful they have a plan for the future.
“One of our biggest goals is to really get our savings and our emergency fund up to where we can be comfortable and feel really safe,” said Megan.
With the holiday season quickly approaching, the Grahams are already starting to save.
“We use to use our emergency fund for stuff that really is not an emergency. Like, Christmas for example. We are going to start saving for Christmas now,” Wesley said.
The Graham’s eCO coaches have provided an eCO Takeaway Tip for you to use at home:
eCO’s Christmas Club Account allows you to conveniently save for Christmas throughout the year. In January, divide the amount you anticipate spending at Christmas by twelve and set-up direct deposit or payroll deduction to transfer the amount to your eCO Christmas Club each month. The funds will earn interest and help you be prepared to cross everyone off your list without taking on additional debt.
Follow along with all the team’s progress at ecosavingsrace.org! If you have a savings tip of your own, share it in the comment section below.