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Building an Emergency Fund
As much as we prepare for life’s events, the unexpected can happen. Your pet might need a costly treatment. Your car could break down and require expensive repairs. You could damage your smartphone and have to replace it. Any one of these unplanned expenses could impact your budget by hundreds or thousands of dollars. A recent study found that 63 percent of Americans lack the savings to pay for a $500 to $1,000 emergency. This means almost two-thirds of Americans would need to cut spending or incur debt to cover emergencies – decisions that could create even more financial stress. Would you have the money to cover these financial curveballs? That’s where an emergency fund comes in.
Growing Your Money
Saving money doesn’t always have to be hard work. Effortlessly increase your funds by depositing money in a savings account from each paycheck or monetary gift you receive. In exchange for opening an account and giving the financial institution money, your savings will be increased by a certain percentage every year. This percentage is called interest. The longer you leave your savings untouched, the more your money will grow.
Choosing Savings Options
What are you saving for? An annual summer holiday, an education fund for your children or a longer-term goal like retirement? In order to choose how you want to save your money, you will first need to determine your financial goals. The first step is to set a clear savings goal. Having this end goal in sight will help you when it comes to setting aside a specific amount every month or year in order to reach that milestone. Whatever your goal, the amount you set aside to get started does not have to be large. To jump-start your savings, consider automating your accounts to transfer the budgeted amount to your savings each month.
Saving Basics
Throughout your life, you will be faced with many decisions about saving and spending. Your goals can vary from smaller purchases such as a new smartphone to larger purchases, such as a car or a house, to long-term savings for retirement and any unknowns. There are some life events that you can plan and save for, like higher education or starting a family, but it’s impossible to foresee unplanned expenses. That’s what makes saving important — so you’ll be prepared for any type of expense by having money set aside.
Financial Tips for Traveling Abroad
Travel, especially abroad, can become very expensive, very quickly. Many of us give up the opportunity to travel because of the financial burden it may cause. Fortunately, there are strategies for traveling for less. Check out these tips on how to see the world without breaking the bank.
Budgeting Benchmarks
Creating and sticking to a budget is key to building a strong financial foundation. It’s a smart habit that will help you throughout life — after all, many of your financial responsibilities will change over your lifetime. Whether you’re a student, parent, new employee or retiree, check out these tips for how to set and achieve financial goals at any stage of life.
