The topic of saving this week is home finance.
A savings account is nonexistent in the lives of over 25% of Americans. We don’t like saving for a rainy day, but it is one of the most important financial activities we can do to protect our future.
Although their estimates
of how much money we need for our emergency funds vary, they appear to agree on a range of six to ten months. How is that calculated? You must first be aware of your monthly spending. Gather all of your bank and credit card statements and add them up because you will always underestimate. Your objective is calculated by multiplying that number by eight months.
You can’t put
it in a CD or risk losing it in the stock market. Moreover, I strongly urge you to include disability insurance in your monthly budget. It’s cheap, and if you get hurt or sick, you won’t have to worry about paying your bills every month.) Now that you know how much you should save, you might be thinking about how to fund your savings account.
This is a fun way
to put a lot of money in your savings account over time, but it will require discipline. You could think of it as my method for Chick-fil-A. The good food at Chick-fil-A is one reason why I like it so much (hey, Chick-fil-A, are you reading?). Yet in addition since they give out coupons constantly. Without the coupon, I would have gone to Chick Fil A and paid full price, but I saved $4 by using it. I deposit that $4 into my savings account.
I am eligible for rewards points
because I use my credit card for everything and pay it off at the end of each month. I generally purchase $50 present testaments with those places. Do you know where that $50 goes? Let’s go a little further with it. Instead of spending $9 on a chicken sandwich, waffle fries, and diet coke at Chick Fil A, I go to the grocery store, buy a pack of chicken breasts, a few potatoes, and drink water.
By not eating out,
I not only save calories but also $5.I saved $2 by ironing my own shirt instead of taking it to the dry cleaner. Let’s see; I have a sizable sum in my savings account thanks to the $70 I saved through this article alone. Keep a journal for a week and see if you can pay yourself. You will feel better about getting closer to your financial goal because it is fun and challenging. We cannot anticipate having a job tomorrow in this economy. Before the recession ends, economists predict that one in ten employed Americans will not be employed. Don’t forget about the home finance tip for this week. You’ll be glad you have it if you ever need it.
