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05.03.2010 / Rainy Day Reserves

You may be setting aside money here and there for retirement or a college education for your children, but what about those unpredictable life events that can throw your budget for a loop? Many financial experts agree that maintaining a stash of cash for the little, and big, emergencies in life are one of the most important financial strategies you can implement.

"The number of ways to free up money are as varied as the ways to spend it."

Finding the Funds
The number of ways to free up money are as varied as the ways to spend it. Here are just a few ideas to kick-start your plans.

Track Your Spending
A close review of every dollar you spend will likely reveal several areas where you can cut back, such as that daily latte purchase or lunches out.

Tap Uncle Sam
If you receive a tax refund this year, place all or part of the refund aside for savings.

Make it Automatic
Set up an automatic transfer of funds from your checking to savings account at the beginning of every month. If you never “see” the amount you designate as saving every month, you may not miss it.

Pay Yourself When You Pay Off Loans
After you pay of a car or other loan, consider putting at least half the payment you used to make into savings every month.

Involve the Family
Make building your savings a family goal, with everyone contribution to the fund each month.

We want to hear from you. Send us your ideas for saving for a rainy day.

Posted at 08:37 AM | Permalink
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