Having a savings account is absolutely vital for your financial health. You must protect yourself and your family from financial emergencies. If your family suffers a pay cut or layoff, having money in savings will be invaluable. The same is true if you have an unexpected need for vehicle repairs, home repairs, or medical bills in the future.
Start a savings fund today. Start as small as you need to, and just let your emergency fund grow over time. It may seem tedious and overwhelming to add to your savings if you’re living paycheck to paycheck, but it is possible. In fact, you can put $1,000 away this year without stressing yourself out in the process!
Here is some advice and tips for painlessly growing your emergency savings fund:
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– Check to see if your bank has an automatic transfer option. Set it up to transfer your set amount of money out of your checking account and into savings automatically for you each pay period. Out of sight, out of mind. Soon you won’t miss it at all!
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– Even $5 per week will add up to $260 this year if you start the week of January 1st.
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– If you put just $3 into your savings account each day with an interest rate of 1%, you’ll save almost $1100 in a single year. What small thing can you do today to save $3? Ask yourself this question each day and watch your savings grow!
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– If you put just $5 into your savings account each day with an interest rate of 1%, you’ll save more than $1800 in a single year.
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– Make small sacrifices to arrive at your savings goals. You don’t have to give up your favorite things; just take each day as it comes and make good choices on your spending to pocket as much extra money as you can.
Small steps toward saving money can add up significantly over time. Plus, these small steps get you into the habit of saving as a regular part of your daily routine. Start saving today and you’ll have an emergency fund in no time!
Tags: Banking Advice, pay yourself first, saving money, Savings