For many Americans, having at least $1,000 of cash saved for a rainy day may be almost impossible. A survey conducted by Bankrate.com provided that only 44% of people can cover an emergency of $1,000.
And while that survey may be disappointing, here are some ways to boost your emergency funds even if you are on a tight budget.
Small Money Matters
While on your savings journey, you must understand the power of small money married with consistency is key. It is better to save a few dollars consistently over time than to try to save large amounts now and then.
But how can you pull this off?
For starters, understand how much money you can comfortably save each month. For example, let's say you can commit to $100 per month. Set up an auto draft from your account on the first of each month to fund a savings account. Taking time to do it this way would allow you to save without thinking about it.
No One Deserves Your Money!
If you're reading this and thinking you can't save, commit to resetting your finances. Reviewing every expense to determine if you can cut or eliminate it may be a good idea. After you have identified ways to save, use the identified newfound funds to build your emergency nest egg. I often say, "No one deserves your money better than you!"
So before you pay the utilities, car payment, or insurance, set aside something for yourself!
Find Places to Stash Your Cash
Lastly, you want to get the most out of your savings account. Do your research and find accounts that pay higher yields. Check out different resources that report on savings rates, such as Bankrate.com or Forbes Advisor, to ensure you position your savings account where you want it to be.
Remember, your choice, your future!
@Kemcents
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