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

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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!

 



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