Money experts recommend having an emergency fund, however, that is easier said than done. You will want to have at least three to six months of living expenses in your emergency fund. Here are some tips on how to get there:

Determine how much you need                                                                                               Calculate how much you spend each month. Add up your rent/mortgage, car payments, insurance, food and utilities. This will give you an idea of how much you will need to save.

Start small
If you find it hard to save, start by saving small amounts. Even if you only saved $20 per week for one year, you would increase your savings account by $1040.00

Have achievable goals                                                                                                                     Start with a small goal and gradually work towards a larger one. Set your initial goal of one month’s savings and build upon that. If you start small and make savings a habit it will be easier to save.

Make it automatic                                                                                                                           Set up automatic contributions to your savings account. Move a specified amount of money to your savings account through direct deposit. If you do this you may not even miss the money.

Watch where your money goes                                                                                                 Keep track of how much money you spend. Calculate your spending average and try to spend less. Another great way to save is to find areas where you can cut back.

What are some of your best tips for saving money?

 

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