Bank Closed
All branches of WCF Financial Bank will be closed on Monday, October 12, 2026, in observance of the Columbus Day holiday. All business transacted after close of business on Friday will be processed on Tuesday, October 13th. WCF will resume our normal business hours on Tuesday, October 13th.
One of the most critical steps in any personal financial plan is building a cash emergency fund. There are two primary reasons why this such a crucial element on the road to financial stability.
First, an emergency fund acts as a safety net, protecting you from many of life’s unpleasant surprises, such as a job loss or unexpected medical, household, or automotive expense. The Federal Reserve Board reports that 37% of Americans do not have sufficient cash resources to manage a $400 emergency expense. Building even a modest emergency fund provides insurance against these types of events.
Second is a more intangible reason, and that is stress reduction. The challenges of everyday life can be tough enough without the added pressure of a financial emergency. Knowing you have an emergency fund provides peace of mind and reassurance that you can handle most surprises that may come your way.
While all of that makes sense, you may be wondering “how do I actually get started?”. Remember the adage that “Rome wasn’t built in a day,” realizing that you can’t do this overnight. However, you do have to start somewhere, and for most people, that’s the hardest part. Establish a modest goal of building a starter emergency fund of $500-$1,000, by allocating a small amount from each revenue source (such as $25 per paycheck) and set that aside in a savings account. You can even set up automatic periodic transfers from your checking account to help make the process easier.
Once you reach that starter fund goal, now it’s time to think bigger. Long term the goal should be to build a cash reserve that covers 3-6 months of household expenses. Those dollars should also stay permanently parked in a bank savings or money market account. Remember, these funds are for insurance purposes, which means they shouldn’t be invested in the stock market or a volatile investment. Instead, they should be easily and readily accessible in the event of a true emergency.
Of course, our Customer Service Representatives in Webster City, Independence, and Tama can help you, no matter where your finances currently stand. Contact us today for assistance as you travel down the road to financial freedom!
