Monday, February 8, 2010
Do you have an emergency savings fund?
During these economic times, it is especially difficult to save. However, this is exactly the reason you need to have money set aside for future downturns. Start by trimming your monthly expenses. Maybe you can stop purchasing lunches for restaurants and prepare a lunch instead. By doing so, you can save $5-$10 a day, which translates to $25-$50 a week or $100-$200 a month. You can save $1000-$2400 a year. What if you are the type of person who thinks that it is impossible for you to stop buying a lunch everyday, then consider every other day to save a few extra bucks. Another way you can save money is to try to increase your income by selling merchandise on ebay or a blog. This is a more positive system to begin saving without feeling restricted from budgeting. Have you considered taking surveys or participating in focus groups? This might be an alternative to pocket extra $$$. It is important to save at least $500 in case an emergency may arise. Use some of these tactics to increase your savings.
at 11:02 PM