Building an emergency fund is not going to happen overnight for most. Many people are stretched financially thin right right now. So it will take time. But you need to get started moving towards that goal. Every month you should be putting something aside for you and your family. If you start saving aggressively you may get to your goal in a couple months or it may take years. However long it takes it is OK. Just as long as you keep pushing to reach that goal. Every month you will be stitching more and more of your security blanket. Check out some of our examples on how to cut back on expenses.
One of the best ways to build savings and to pay your bills on time, for that matter, is to get set up for automatic payment. You can have money transferred right from your checking into your savings account. Your employer may even be able to transfer money to your savings from your paycheck too if they offer automatic deposit. Studies show when you are set up for auto deposit people tend to stick with it. This also works with a 401K. Chances are you won't even miss it.
How much can you afford to save? Well, that depends on you. You may think you can't save a dime, but you can. Where there is a will there is a way. There is always some place to cut back on your expenses. If you decide you are going to save $100 I bet you could even make it $120 if you really tried. Is it hard? Heck yes it can be hard. Will it require for you to cut back in spending? Most likely. You must treat yourself just like you would a bill and pay yourself too. Get started with your next paycheck. Your financial security depends on it.
One of the best ways to build savings and to pay your bills on time, for that matter, is to get set up for automatic payment. You can have money transferred right from your checking into your savings account. Your employer may even be able to transfer money to your savings from your paycheck too if they offer automatic deposit. Studies show when you are set up for auto deposit people tend to stick with it. This also works with a 401K. Chances are you won't even miss it.
How much can you afford to save? Well, that depends on you. You may think you can't save a dime, but you can. Where there is a will there is a way. There is always some place to cut back on your expenses. If you decide you are going to save $100 I bet you could even make it $120 if you really tried. Is it hard? Heck yes it can be hard. Will it require for you to cut back in spending? Most likely. You must treat yourself just like you would a bill and pay yourself too. Get started with your next paycheck. Your financial security depends on it.
1 comment:
Thanks for sharing such great post, according to me there are numerous reasons when we need such emergency funds. By building an emergency fund you will feel more secure because you are prepared for the facing any financial crisis.
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