Meet Nehama: After finishing graduate school and starting a new job, Nehama was overwhelmed with the high cost of living in the Bay Area, and didn’t think she could save. She also faced the day-to-day stress of knowing she had little savings to fall back on in case of an emergency.
When Nehama first heard about SaverLife, she hadn’t had a savings account for more than 6 years. She had closed her savings account while living overseas, and didn’t see a reason to open a new one upon returning to the US. She relied solely on a checking account. When she started receiving emails from SaverLife’s financial coach Saundra Davis, Nehama “quickly realized that so many of the things I had been taught about financial management were wrong.”
The first change Nehama made was to open a savings account, with the immediate goal of saving for an emergency. She also shifted to a "Pay Yourself First" mentality.
“One thing I’ve learned from SaverLife,” Nehama says, “is the importance of setting up different savings accounts for different goals." She specifically picked a financial institution that offered the option of subaccounts. She has one account with an automatic transfer that moves money from her checking account to her savings account, plus a separate automatic transfer into a dedicated emergency fund.
Having a savings habit has made Nehama “less worried about ‘What if something happens?’” and more prepared to “think long-term about my future, like retirement.” Looking to the future, she also wants to be able to contribute more to her community through monetary donations, an act which adds a lot of value to her life.
“The $60 in rewards that you can earn from SaverLife is helpful,” Nehama says, “but in the long run, it’s more about creating habits around saving and the peace of mind you get when you know there's money in the bank if needed.”