Start Small and Watch it Grow!
We all know we need to do it. So, why don’t we? Sometimes, it’s a matter of figuring out how to start and then finding a plan that will work for us. And no, we’re not talking about a diet plan. We’re talking about a savings plan.
Most experts agree that at least 3 – 6 months’ worth of living expenses in emergency savings is the magic number. A job loss, reduction in work hours or unexpected illness can leave you devastated and in a tough financial situation if you’re not prepared. While getting to that sweet spot of 3 – 6 months can sound daunting, it doesn’t have to be. Start small by saving one month’s worth of living expenses and build from there.
Here’s a few tips to help you get started:
Pay Yourself First – Treat savings as a bill. Determine how much you can stash away each month or pay period. Whether it’s $10, $25 or $50 a month, it adds up and pretty soon it becomes a habit.
Live One Raise Behind – Each time you get a raise, don’t spend more. Instead, apply the extra amount to your emergency savings.
Keep It Simple – Set up an automatic deduction from your paycheck to go straight to your emergency savings. You won’t even know it’s missing, but you’ll be happy it’s there if you need it.
Still Struggling To Get Started? Try This On For Size – Ask yourself how you would pay your bills if you lost your job or encountered a major illness or injury. With an emergency savings, managing those rough waters could be easier.
At Russell Country, we have savings options to fit your needs and the right tools to help you get started. Contact us at 1.406.761.2880 or 1.800.772.4343 and get started on your emergency savings today!