Do you have an emergency savings account?
If so, you are in the minority.
Most people do not have any emergency savings.
If you would like to change this in 2020, there are many easy ways, especially if you are creative. Here are ten:
1. Save $20 per week. At the end of 2020 you will have over $1,000.
2. Save 1% of your income or paycheck. At $10 per hour, full-time, you will save a little over $200 by the end of the year. If you can bump that up to 5%, you will have over $1,000.
3. Put your spare change in a jar when you get home each day. This is especially useful if you are paying with cash instead of credit.
4. Trenia M Logan mentioned placing any $5 bills in a jar when you get home. It is a little like playing the lottery, but with a better rate of return!
5. Save $1 on week 1, $2 in week 2, $3 in week 3, etc. By the end of 2020 you will have almost $1,400. Or you can reverse this so it gets a little easier as the year goes on.
6. Do you receive a mileage reimbursement at work? Move this amount to a savings account each pay period. The same could be done with overtime.
7. Have each person in your household save his or her age each month. If you are 45 and have a 15 year old, that would be $60 per month, or over $700 per year.
8. Using cash for groceries and gas? Make a game of seeing how much you can have left over each week and put it in a different envelope/jar/piggy bank.
9. Get the family involved. Have a competition where everyone can figure out how to save money- from turning lights off to adjusting the thermostat slightly to taking shorter showers to combining trips to save gas. There could be a prize for the person with the biggest net savings or you could designate a fun family activity when a pre-determined amount is reached.
10. Is your family creative and entrepreneurial? Create items together to sell on Etsy or local event. Split the earnings between savings and a fun family trip or purchase.
Ideally you will be saving 10% of your income until you have enough to cover at least 1 year of your salary.
How are you saving money?
What is your savings goal?
Please share in the comments below. 🙂
