There are several different ways to save money for an emergency or rainy day. I am going to list a couple different ways to start saving money. It is always good to have extra money on hand. You never know when you might need it for those unexpected expenses. Make it a goal to start saving a little money each paycheck. Start with saving enough money to last you a month, then a couple months, then a year, and work up from there. It is basically the same principal as any other type of preparedness...you work up to a goal. Don't get overwhelmed with trying to save all the money you need at once. It takes time, and there will be those expenses that will take some of your savings, but it always feels good to have some extra stashed away. -Open a savings account. Make it an account that you take a certain percentage of each paycheck and automatically put it into the account. The percentage can vary. Some months you can save more when you make more money, and other months you can save less if you have more expenses. As a basic starting point, ten percent of each paycheck could be taken out and put into your savings account. Think of it as paying yourself first before you pay your bills. Many people like to have several different savings accounts they put their money into to save for things such as: college, retirement, house, car, emergencies, etc.
-Cash your money. As you take your check to the bank, cash some of it that you would like to save, and then store it in a safe or unnoticeable place in your home. Some people like to store their money in some pretty bizarre places. You can look up online places to store your cash, coins, etc. that would be hard for others to find.
- Save your change. I know that change can be annoying, and it is not a large amount of money to save, but as you save these little annoyances, you can save up quite a bit of money over a long period of time. Plus, coins will always be worth something, so they are good to hold onto. Put your extra change in a jar or container that you walk by everyday and just empty your pockets as you walk by. It is simple and easy, and you will be surprised by how quickly the jar will be filled!
Check out this website, and see where you can start with Suze Orman's savings plan. She is a world renowned money expert who knows what she is talking about.
www.suzeorman.com/
Also, check out some of these websites for finding good tips of where to hide money in your home.
http://www.growingmoneyblog.com/archives/753
http://www.thesimpledollar.com/2007/03/01/twenty-places-to-hide-money-at-home-besides-under-your-mattress/
4 comments:
This is a very helpful site. I am glad I found it.
We agree. We started paying 10% to ourselves a while ago and it's really been fun watching it add up. Every bit does count. Also, another fun thing to do is get a roll of $25.00 coins every now and then. Someday, we think it will be fun to dump them all together in a treasure chest. A guy in our ward does this and said that his grandkids think he looks rich because of it! :)
Pay yourself before the preverbial "MAN"!!
Great ideas. If you ever have an emergency, you can turn to your savings to get you by. Keep up the good work.
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