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How to Build Back Savings from Being Broke

How to Build Back Savings from Being Broke

How to Build Back Savings from Being Broke

Numbers is the name of the game and we’re all in it to win it!

In a recent survey conducted by Bankrate.com, 66 million American adults have literally no savings saved for any unforeseen event. Another survey conducted earlier this year revealed that majority of the people will be severely in trouble if they come across an emergency and won’t even be able to generate $400.

It’s advised to start small. Start saving in small chunks for e.g. left over coins and loose change. You’d be surprised to know how much you can save in just one month. Let’s say you stop spending irrationally and save about $10 a day. That amounts to $300 a month. That equates to at least $3,000 annually.

Saving this amount can cover a lot of unforeseen events. Plus, you will be at a much stronger financial position. The best way to go about this is to put the money you save in a separate account and just monitor it once a month. Don’t withdraw the amount. A better strategy is to increase the daily saving amount from $10 to $15. We know it will be hard but it’s beneficial for you down the road.

Now you might think that you’ve tried saving before and it hasn’t turned out to be favorable for you. The reason people do not succeed at saving is because they start too high. That is essentially what is the reason for failure. Starting small is the key.

Saving money is one thing, rewarding yourself is another. Once a week, reward yourself by taking about a small chunk such as within $50. Go out, watch a movie, enjoy since you’ve earned it. That’s the healthy way to go about it. But whatever you do, don’t go overboard and invest in something that will be beneficial for you and will bring a positive change in you.

Another important factor is to minimize your expenses. Don’t spend irrationally and cut back on unnecessary expenses that are holding you down.

Feel free to consult us for your mortgage concerns, we are available around the clock for you! You can contact us at 877-509-3160.