Tips for Building Your Savings When You Live One Paycheck at a Time

Image result for One Paycheck at a Time

While you know that you need to have an emergency account for things like car repairs, medical costs, a sudden job loss or something similar, you may have a hard time-saving money if you live paycheck to paycheck. We have outlined five steps you can begin taking now to build up your savings.

Keep in mind, if you do not have funds available when an emergency hits there are trustworthy sources you can use to access short-term loans. Financial expert Don Gayhardt is the CEO of a large family of trusted fast cash options, including Speedy Cash, Rapid Cash, Opt+, Cash Money, LendDirect, and WageDayAdvance. It is nice to know these services are available if needed as you begin to build your savings nest egg.

Give Yourself a Solid Reason & Motivation

It may not be enough that you tell yourself that you should have an emergency savings account. Additionally, the reason you don’t put any money, or very much money, into a savings account may be bigger than the fact that you live and spend one paycheck at a time. You’ve got to figure out if there’s a psychological block that’s keeping you from looking out for your financial future. Motivate yourself with peace of mind, practicing discipline, preparing for life’s curve balls or just developing better spending and saving habits.

Open a Savings Account at Another Bank

To make it harder for you to spend the money you save, do yourself a favor and consider opening your savings account with another bank. With the number of online bank options available today, you’re sure to have no problem finding an option you like. Once you open that savings account, make sure you don’t link it to your current checking account so you have to go through more steps to actually access the funds, which could give you enough time to really think about whether you need to tap into your savings.

Look Over Your Bills and Budget

Take a look at your current bills and see if there are any spots where you can trim some financial fat. This may involve asking your insurance provider if you qualify for a discount, or even switching to a new provider if you can save money and get the same policy protection. Think about whether it makes sense to apply for a personal loan to pay off your credit card debt if doing so nets you a lower interest rate as well as a single monthly payment.

Reach out to your phone, internet and streaming service provider to see if there are any promotions or discounts you qualify for. Bottom line: Any money you save from your bills and budget can go into your emergency savings account.

Put Your Savings Before Anything Else

Going back to your budget, add your savings to your budget just like you would a bill. That way, you can make sure that a portion of your check is going toward your savings before you start spending your mad money. Even if you don’t have much spending money left over after paying all your bills and buying groceries, even putting back a few dollars here and there adds up over time. It definitely helps if your emergency account is an interest-bearing/high-yield one.

Consider Supplemental Streams of Income

These days, it’s easy to have a side gig, no matter what kind of education or skills you possess. For instance, you can babysit, dog-sit, walk dogs, work for a ridesharing service, deliver groceries or work as an independent contractor. As long as you’re willing to put in some extra work during your free time, there’s no telling how much extra money you can make.

You don’t have to feel stuck in a financial rut. Put these suggestions to good use and see if your emergency account swells rather than shrinks. Best of luck!

 

What Is a Mix of Credit?

There are many different factors that play a role in your credit score, and one of those is having a diverse mix of credit on your report. While this factor makes up only about 10 percent of your credit score, according to Remitly, that’s still a fairly important chunk. So what does it mean to […]

Continue reading...

4 Tips That Will Help You Get a Loan Even If You Have a Low Credit Score

  If your credit score is not perfect, there’s still a possibility of getting a personal loan. However, the choice of lenders available to you may be limited, and the rate of interest for such loans could be high. If you require money but cannot wait for your credit to improve, shop around for loans […]

Continue reading...

The New Horizon of Quick Personal Loans for Bad Credit Holders – Things to Know!

Bad credit might have accumulated during your loan period owing to some unforeseen calamities in families and careers unsettling your personal circumstances. But basically, you, the borrower need not be dubbed to be bad or untrustworthy. More chances are to be given for resurrection in life. Financial firms including banks in large numbers stud the […]

Continue reading...

Planning Your Finances: When Is the Right Time to Apply for a Loan?

Applying for a loan can be incredibly stressful and frustrating if you don’t know what you’re looking for or what you’re doing. There are so many things to think about, and so many facts and figures to pay attention to, it’s no wonder so many of us get lost. One of the most common considerations […]

Continue reading...

Smart Financial Decisions: These 5 Personal Loan Mistakes Could Cost You Money

If you are thinking about applying for a personal loan, then you need to know that you aren’t the first, and will certainly not be the last. A lot of people have gone through this phase before, and some actually succeeded in getting whatever they wanted from their personal loans. However, there are so many […]

Continue reading...

3 Side Hustles You Can Start to Help You Get Out of Debt Quicker

In the era of the gig economy, the side hustle has become a popular way for workers to start their own businesses. Unlike previous decades, there are many opportunities for side hustles, including online businesses, consulting, and the sharing economy. When people start side hustles they feel passionate about, they often find a way to […]

Continue reading...

Rate Rundown - An Introduction into Term Deposit Accounts

  You are year five into a ten-year plan to save for that rustic cottage near the ocean, or better yet, you save almost enough to put a hefty down payment on that cute little trendy condo in the city. However, you are short by some thousands of dollars - okay, maybe the whole sum. […]

Continue reading...

How to Win a Good Scholarship?

Education is something that is very expensive, especially a college or university education. Many organizations give attractive scholarships although they are tough to get. If you wish to increase the chances of getting a scholarship, then continue reading on to find out more. Give The Scholarship Sponsor What They Want When you see a scholarship […]

Continue reading...

Things You Should Know About Bankruptcy

People who become insolvent for one reason or another usually look to bankruptcy as a last resort solution to their problems. However, bankruptcy is a serious issue and the decision to go through with it shouldn’t be taken lightly. Before you decide that bankruptcy is the best option for you consult experts like attorneys at […]

Continue reading...

Above Water – 5 Ways to Avoid Being Caught in the Credit Trap

Get my credit score up

  Photo by nikko macaspac on Unsplash Credit is designed to be convenient. It’s so easy to pull out a credit card and pay for that dress you’ve been eyeing or that video game you’re just dying to play. Unfortunately, the convenience of credit cards is precisely what makes them such a problem for many […]

Continue reading...

7 Qualifications for Most Small Business Loans

Running a business requires a certain amount to keep things operational such as meeting payroll, paying utilities, leasing premises, and many other expenses. While entrepreneurship is rewarding, keeping everything afloat is not a small feat. Furthermore, you may have plans to expand the business by adding a new product line or setting up shop in […]

Continue reading...

On the Dotted Line: 3 Loan Types and How They Affect You in Times of Need

A loan is defined as a lump sum of money that you borrow with the intention of paying back. Loans are typically a fixed amount. However, the exact amount you receive, and the interest rates you get will depend on your income, debt, and credit history. Open-Ended and Closed-Ended Loans Open-ended loans are loans that […]

Continue reading...

How Private Lenders Can Help You Build a Real Estate Empire

real estate private lenders

When it comes to investing in real estate, money does make the world go around. However, the function of money in real estate might come as a surprise to most casual observers. For most people taking out a loan to buy a property usually means heading down to the bank to apply for a mortgage. […]

Continue reading...

Do You Know Where to Go to Get Your Property Management Permit?

Are you thinking of becoming a property manager? If you live in the state of Nevada, there are a wide number of options for you to consider. There are many different types of properties, private and public, that you can be put in charge of. However, before you can think of taking the reins of […]

Continue reading...

Running the Risk: Is Your Portfolio Ready to Try Algorithmic Trading?

algorithm-trading

Algorithmic trading (algo-trading) uses computers to make data-based decisions on equities trading. Its data resources and speed follow defined instructions (algorithms) to place trades. These trade decisions use detail on timing, volume, and price. And, it does this with a speed and accuracy that average traders could not pull off. As The Economist explains, “In […]

Continue reading...

An Investment to Last: 3 Ways Insurance Can Help to Extend the Life of Your Vehicle

cheap car insurance

When you think of auto insurance, like many, you probably think that it will only cover you in the event of an accident. However, with the right coverage, insurance can do so much more than cover you in the event of a crash. From collision coverage to coverage to handle wear and tear on your […]

Continue reading...

Easy and Quick Personal Funding: Payday Loans Vs. Other Loans

Nearly everyone needs some help with money every now and then. Life happens. For some people, getting a loan is extremely difficult due to a myriad of factors. Payday loans are one of the most reasonable solutions if you have trouble getting other types of loans. They differ from most loans because they are generally […]

Continue reading...

What You Need to Know about Obtaining an Investment Loan

In the modern age, it's fair to say that the financial marketplace has never been more diverse or accessible. This is reflected by the rise of margin-based, derivative assets, which can be traded efficiently through online brokerage services such as ATC Brokers and enable you to maximise your market exposure while minimising your initial investment. […]

Continue reading...

Financial Education: Understanding the Difference Between a Line of Credit and a Loan

loans-vs-business-line-of-credit

  Financial Education: Understanding the Difference Between a Line of Credit and a Loan Seeing a small business trying to find a way to get financed is not that uncommon at all. Many business owners just like you have likely found themselves in a similar situation before, and surprisingly, that has a positive side to […]

Continue reading...

Cover Your Damages Beforehand: Get Collision Insurance

if i have comprehensive car insurance

I've been there before, wondering if I have comprehensive car insurance or not. Look... Accidents happen, and we have to deal with the consequences of them. With car accidents, those consequences can range anywhere from annoying to devastating. Waiting until after an accident to get typical car insurance coverage for your car and any other […]

Continue reading...
Do NOT follow this link or you will be banned from the site!