With all of our daily, weekly, and monthly expenses, it can be really hard to set any money aside for a rainy day. But, it can be possible even if you do not think so. And, the money you save is one of the most useful things you can have in the event of an emergency.
Budget your money.
By budgeting and allocating your expenses, you can more easily set aside money into your savings. If you do not make plans for saving your money, it most likely will not happen. You may choose to set aside a certain percentage of your income into your savings account. Or, you may choose a specific dollar figure to deduct from each paycheck. Most banks have the option of automatic transfers. By filling out a simple form, you can have this amount transferred from your checking account into your savings account after each paycheck. This way you do not even have to think about setting this money aside. Then, think of this savings as off-limits unless there is a real emergency.
Save some cash.
In the event of an emergency, you may not have easy access to your bank, ATM, or ATM card. For these reasons, it is important to set aside some cash in your home. For some people, $200 is a good goal. Others like to save more, in the event of having to evacuate their homes and pay for a hotel and food for a few days.
Save Wisely.
As you accumulate more savings, you will want to take advantage of other savings’ options, such as money market accounts, CDs, and investments. Check out the money blog on families.com to read more about the best ways to save your money.
With all the enticements in our society to spend, spend, spend, how do you make sure to save your money?
Related Articles:
Are You Prepared for a Financial Emergency?
Do You Have Trouble Saving Money?
Why Saving is Better Than Earning