How Do You Start Saving?

In our last post, we shared that you need to save. An emergency fund is a crucial step toward financial freedom. So, how do you save? If you’re like most people, there’s never any money left over at the end of the month. We thought we could share some practical ideas that you can implement starting today. Here’s idea #1…

Do you realize how much you spend on food, coffee, sodas, sweets, boba, and other miscellaneous items every month? Let’s take a quick look at just going out for lunch every day at work. If you work 5 days a week for four weeks per month, that’s 20 days. If your daily lunch run is $15, that’s $300 per month going toward just one meal each day! Did you realize it was that much? What if you consider all of the other daily expenses that seem like necessities?

Now, we aren’t saying you should completely cut out all of these items, but strategize a reduction so you can redirect some of your spending to saving. Plan ahead to bring a lunch a few days a week. Or maybe always bring a piece fruit with you so you buy less each time. If you have a sweet tooth, maybe have something available at the office so you don’t add the treat, boba or whatever to your meal purchase each day.

Again, we’re not necessarily saying to eliminate, but have a strategy. A sudden extreme change often isn’t sustainable, but incremental changes are more likely to last. Between just those few categories we listed above, most people can save $300 or more per month that can be used toward a solid saving strategy.

Our challenge to you is to, if you don’t already have it, build a $1000 emergency saving fund by the end of the year. Decide that you won’t put it off any more. You can do this!

Comment below on a change you will make starting today. And please share your saving success stories as they unfold!

More ideas coming soon…!

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You Need an Emergency Fund

According to recent surveys, nearly one quarter of Americans have no emergency savings, 40% don’t have $400 and 65% save little or nothing. Why do these numbers matter?

Life happens…some kind of emergency is coming. What will you do when you suddenly face a $500 or $1000 unexpected and unbudgeted expense? People with savings have the option of paying cash from their reserve. People without savings often have to take on debt – whether a credit card or a loan of some sort.

How much have you saved already? What are you on track to save? What’s the magic number that you need to reach? If you don’t have a good savings habit, start now…RIGHT NOW! Start somewhere. Your first goal should be to build a $1000 emergency fund. After you have some momentum, increase what you’re saving.

Our savings habits over time can have a profound impact on our retirement. Build good habits that build the future you want to live.

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