ARE YOU SAVING FOR A RAINY DAY?
Posted on: Apr. 02, 2017 in Money, Debt

April showers bring May flowers, but are you saving up for a rainy day? If you were to suddenly find yourself without a job, out of work due to an injury, or suddenly needing to replace your car, would you have the cash on hand to do it? According to a recent report by Bankrate, 28% of the Americans they polled have no emergency savings.

Experts agree that saving 3 to 6 months’ worth of expenses is an ideal emergency fund. For those with no savings at all, even a modest goal of $1,000 is a great place to start. The more you have socked away for life’s little surprises, the less likely you’ll be to rely on a credit card or borrowing from someone to get by. If you can’t afford to put money aside for savings, how will you afford to pay the credit card bill or your friend when the loan comes due?

While saving can seem overwhelming, especially if you’re already stretched pretty thin to begin with, there are a few things you can do to get started.

  • Open a new account. With a little internet searching, you can find a bank that gives cash for opening the account or some other reward, some with as little as $5. This will also give you a place to start putting that emergency fund.
  • Sell things. Have a yard sale and put the proceeds straight away. There are also apps for selling clothes, books, CDs and DVDs… if you’ve got it hanging around your house and you don’t need it, see if you can get some money out of it!
  • Automate your savings. When you’re making a plan to save money, the best thing you can do is take the guesswork out of it.
    • Ask your employer to split your direct deposit of your paycheck into two accounts. Put a small amount in savings and the rest in checking for your bills. $5 per pay period can add up!
    • Set up automatic transfers with your bank to move money into savings every week, month or payday. If you don’t have to think about it, you’re less likely to notice it.
    • Save by rounding up. If you spent $1.88 at the store, round up to $2.00 and put the difference in savings. There are apps that connect to your debit card to do this, or you can use cash and throw your change in a jar every evening.

Saving money doesn’t have to be hard. But having some cash available for emergencies can mean all the difference when times get tough.

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