Meet Erick: An Aspiring Teacher Who’s Building His Rainy Day Fund
Erick is a first-year college student living in Whittier, CA. He works full time for a major retailer and enjoys exercising and visiting with friends. He’s also studying to become a high school math teacher. “When I was younger, I didn’t really know what I wanted to do,” Erick explains. “As I kept on growing, I learned that I have a really big passion for math and helping others, so I thought ‘Why not mix them together?’”
As someone who loves numbers, it’s no surprise that Erick calculated the chances of winning when he received $1,500 from a SaverLife savings challenge. This initiative was launched by his employer, in partnership with SaverLife, to help employees improve their financial health. “I feel special about [winning] because obviously it’s like a 1 in 5,000 or 1 in 10,000 chance. It’s a small chance for just one person, [so] it felt great to win.”
The goal of the savings challenge was to encourage employees to grow their savings by $150 in 12 weeks for the chance to win grand prizes. Erick learned about the challenge through a work email, and decided to use it as an opportunity to rethink his spending habits. “[before the challenge, saving was] hard for me, because I’d spend on so many unnecessary things. My money would pretty much come and go. I’d get my paycheck, and then somehow I would only have less than half of what I originally had at first,” he describes. Erick now plans to continue building his savings by putting his winnings into an emergency fund. That way he can have the financial support he needs to address unexpected expenses.
When asked how he feels about having money set aside for unplanned costs, Erick concluded: “It feels reassuring to me because I know, with the pandemic happening, financial status is really important to a lot of people. And having that financial support brings reassurance to me and makes me feel more comfortable being able to say, ‘If I need anything, I have what I need.’”
Congratulations on your big win, Erick!