No matter how well you plan, things happen and unexpected expenses occur. Saving money for emergencies is an important part of your budget. It can be difficult to set aside funds, but you’ll need to pay rent and bills should an unplanned event occur. Here are a few ideas to get you saving:
- You’ve heard it before; pay yourself first. If you automatically deduct money for savings, you won’t miss it as much. See if your employer offers direct deposit. If so, set it up to automatically deduct a small percentage – such as three percent – from your check each pay period.
- Shop around to get a good interest rate. Interest is money in your pocket so take the time to find the bank that can do the most for you.
- Put cash gifts or bonus checks from work into your savings account.
- Start a change jar and deposit the funds to your savings account.
Cut back on a service you indulge in and do it yourself – such as getting a manicure or changing your own oil. Save the money and put it in your account.
Photo Source: Saving Money
Posted: July 8, 2010