America Saves Week – Save for the Unexpected

Most Americans face an unexpected expense during the year.
Prepare in advance to meet unexpected expenses by building a savings fund.

Here’s how:

Save in a safe place. Use a separate account to save for unexpected expenses. If you deposit your “savings” into your regular checking account, you might be tempted to spend it.

Set “small step” goals. If you’re starting at “0”, saving enough money to cover even one month of expenses can seem overwhelming. Start with a goal of $500; then, $1,000 and work your way up. Eventually, you should aim for a savings fund large enough to cover at least two to six months of living expenses.

Find ways to save. Brown bag lunch, switch to generics, clip coupons. Keep a spending journal and look for ways to cut expenses. Have part of your paycheck deposited directly into your savings account or set up an automatic draft from your checking into your savings account.

Take the saver’s pledge. Join thousands who are making commitments to pay down debt, save money, or take other actions to increase financial security.

America Saves Week is February 24 – March 2, 2019.

Article courtesy www.americasaves.org

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