When it comes to your finances, it’s important to understand that having an emergency savings account can make a huge difference in your future. The finances of Americans is out of whack. In fact, according to many studies, most Americans live paycheck to paycheck, and the majority of those people, do not have even one thousand dollars saved in an emergency savings account. When it comes to having a savings account for emergencies, most places suggest that you should have at least three months of monthly expenses saved, and up to even six or twelve months. Although this may seem a little bit like a long haul for many people, it’s actually super important to think of it as a way that you can make sure that you protect yourself and your family. Whether you lose your job, or a loved one gets sick, just the peace of mind that comes with having a good savings account will set up you and your family for financial success.
The first thing you need to do when you are looking to get a savings account is just to open one. Make sure that you get a savings account that does not charge any fees, and has no minimum required amount that you need to add every month. It’s a good idea to open a savings account that gives incentives for opening a new account. There have been some banks that give you up to five hundred dollars for opening a new savings account so it’s definitely something that you’ll want to look into. When you start a new savings account you should ask a lot of questions and also make sure that it’s possible to get automated deposits from your card every month. This is important because when it takes it out automatically and you “set it and forget it”, you’ll be much more likely to be able to save as much as possible. It does however, take some amount of motivation and determination not to touch money when you have it in emergency savings when you’re not making g as much money, or you are short for a couple of months. This can be hard but if you keep it up, you’ll be much more likely to have the life that you want and save the money that you need and want.
When it comes to saving money and creating a budget for you and your family, it’s all about saving when and where you can. One of the biggest unnecessary expenses that most people come across on a daily basis is spending too much money on food. Food can be one of the largest expenses for people, especially when living in a large household. If you’re someone who constantly struggles with the amount of money you’re spending on food, including eating out, there are tons of ways that people have found to decrease spending on food. One of the most popular ways to decrease your food bill is to stop eating out. At most, you and your family should eat out or have take in one day a week. And that is still four times a month, which can be incredibly expensive, especially for larger families. Instead of eating out, opt for making those dishes you like to eat from restaurants at home. If you eat out because it saves time, consider prepping your meals at the beginning of every two weeks instead. Another thing you should co sided decreasing the cost of is clothing. Instead of getting clothes all the time, invest your money in clothing that will last, and create a minimalist closet that you’ll love. Under Armour is a fantastic place to get workout staples that will last you a long time and save you money in the future.