Saving times

Saving times Conventional wisdom tells us to save early and often. But it can be hard to juggle multiple financial goals and determine how to allocate your savings.

Here’s a road map.

Save for short-term goalsThese goals fall roughly in a 1- to 5-year time frame. It’s helpful to set a specific savings g...
16/05/2022

Save for short-term goals
These goals fall roughly in a 1- to 5-year time frame. It’s helpful to set a specific savings goal so you know how much money you need, as well as when you need it. From there, figure out how much to set aside each month. Short-term savings goals might be a down payment, a vacation, your wedding.

Put a spending limit on your cardA great tip for saving money fast? Set a limit to how much you can spend on your credit...
13/05/2022

Put a spending limit on your card
A great tip for saving money fast? Set a limit to how much you can spend on your credit or debit cards. This stops you from overspending and encourages you to reassess your daily expenditures in advance. Many banks offer this service.

Save money automatically.Did you know that you can save money without thinking about it? Yup—you can set up your bank ac...
12/05/2022

Save money automatically.
Did you know that you can save money without thinking about it? Yup—you can set up your bank account to automatically transfer funds from your checking account into a savings account every month. If that sounds scary to you, you can also set up your direct deposit to automatically transfer 10% of each paycheck into your savings account. Boom!

Cancel automatic subscriptions and memberships.Chances are, you’re paying for multiple subscriptions like Netflix, Hulu,...
10/05/2022

Cancel automatic subscriptions and memberships.
Chances are, you’re paying for multiple subscriptions like Netflix, Hulu, Spotify, gym memberships, trendy subscription boxes and Amazon Prime. It’s time to cancel any subscriptions you don’t use on the regular. And make sure that you turn off auto-renew when you make a purchase. If you cancel it and decide you can’t go without it, subscribe again—but only if it fits into your new and improved budget.

Pay down high-interest debtDebt can get in the way of your savings efforts and make it challenging to reach your goals. ...
10/05/2022

Pay down high-interest debt
Debt can get in the way of your savings efforts and make it challenging to reach your goals. Focus on paying down any high-interest debt you may have. Credit cards, for instance, tend to have higher interest rates, meaning your interest payments might cost more than what you could earn from saving or investing your money. Paying this type of debt down can save you money in the long run.

Create an emergency fundWithout emergency savings in place, an unexpected car repair, job loss or trip to the hospital c...
10/05/2022

Create an emergency fund
Without emergency savings in place, an unexpected car repair, job loss or trip to the hospital could force you into debt and derail your goals. You should save 3 months’ worth of expenses when starting an emergency fund and build from there.

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