Road Map Series: How to save
This blog will be the first of my road map series. These posts will be released on Saturdays. They will include helpful tips and information on how to better your life.
Now let’s discuss savings. The best way we can prepare for any of life’s troubles is to mitigate or prepare for the worst. We all know life can be a burden and saving money is tough. Lets start small.
Begin with simply downloading an app or grabbing a jar. I prefer the Charles Schwab app for my investments but cash works too. You need to save any amount you can. Say one dollar, two dollars or even a penny. Starting the routine builds the investment. Every month put in a set amount, a month is the easiest way to track based on pay. With apps you can have automatic payments, with a jar set reminders for yourself.
Do you have a side hustle? Are you already doing something that is currently a hobby that can be used to get extra income? I like to bake croissants. I can sell those croissants word of mouth for a price. Maybe you really like to mow the lawn or knit. Both could be used to gain extra income to add to savings.
Can you save a little on expenses? Check your bank statements and look at your paystubs. What funds do you have left over? If you don’t have any, see if you need to change spending habits. I enjoy eating out, is it financially feasible every night at the best restaurant in town, probably not.
You should try to have saved at least 5 months of your current income at any given time. You never know when you’ll need it.
Saving funds can sound like a chore, but it unlocks a world of possibility. Emergency funds can be used to help if you lose a job or suffer injury. Investment accounts can help pay for furthering your children’s education or a down payment on a house. Retirement accounts can give you relaxation after suffering the perils of a work life. Whatever makes you save, you should start today.
Housed and Fed 