DO NOT SAVE WHAT IS LEFT AFTER SPENDING, BUT SPEND WHAT IS LEFT AFTER SAVING.
-WARREN BUFFET
One of the foundational components of a good budget is saving…
In the United States, approximately 26% of adults have no savings set aside for emergencies. Almost 50% would not be able to cover an unexpected expense of $500 or less and approximately 23% wouldn’t be able to cover $100.
The most convenient way to save is to do so before you have access to your paycheck. Many employers require their employees to receive their paycheck by direct deposit and also give them the option to allocate a portion of their pay into a retirement account and/or savings account. This method can provide the discipline needed to ensure that some portion or percentage of your pay is saved. It is a good idea to place your savings in a less accessible place or account, which can help you avoid that occasional impulse buy.
Start saving today! Establish a goal and begin saving at some level regardless of how small the amount might be. A dollar a day, tucked away, will be invaluable on a rainy day.
