Saving Enough Money for Emergency
What percentage of your income have you placed up for a rainy day? Anything? Isn’t that just a teeny-tiny amount? Is it just a tad? How about this: do you have enough money saved aside in case you lose your job and have to look for a new one for three to six months or longer?
Saving money is, as we all know, essential in today’s society. Our lives have changed dramatically since the outbreak began. What happens if your car starts making strange hammering noises? Are you willing to put forth the effort to restore the damage? Is the credit card the one that saves the day?
We’re aware. Saving money is tedious, especially when there are so many exciting things to do with it. Don’t be concerned about starting an emergency fund. Here’s how to do it quickly and painlessly.
- Every month, set aside at least 10% to 20% of your salary for yourself. I assure you, you won’t miss 10–20% of your paycheck, and you’ll have a lovely huge pile of emergency savings at the end of six months or a year.
- Save a significant amount of money. Even a small amount of emergency savings can make a significant difference. When you get your paycheck, send a specified amount to your savings account right away. Some employers can help you with this, so if you don’t think you’re disciplined enough, ask your boss.
- Put your change in a jar or other container when you come home each day, rather than storing it in your wallet. You’re less inclined to spend money, and your jar will fill up over time. Take it to the bank when it’s full and deposit it in your rainy-day fund. You won’t be missing out on this cash, either.
- Allow yourself to relax! Give yourself at least 24 hours, preferably a week, to think about buying something you don’t need before you buy it. It’s fine to treat yourself now and then, but cutting back on unneeded ‘luxury’ things will allow you to save more money for a rainy day. A smart trick is to push yourself not to buy anything you feel compelled to have the first time you see it.
- Shop wisely. There’s no reason to pay full price for anything these days, thanks to the Internet. With a short Internet search, you can compare prices for almost anything.
Saving might be hard, but it is worth a try. If you’re ready to take the big step toward true financial independence, take a risk. You’ll never know unless you try.