Time To Save The Pennies, Always Be Prepared For The Unexpected!

Friday, April 17, 2020

Photo: Pixabay

It is so important to have little pot of money for a rainy day.  We may wonder how much we might actually need for a ‘rainy day’ but sometimes unexpected things pop up and you feel that you may not have the funds that you need to help solve the problem. A lot of people do not have any disposable income and that’s why saving up money can be tricky, however you can still save up any stray pennies into a pot which can always be helpful. Things can break down in the house, and sometimes we may have a little legal issue that arises that needs to be professionally dealt with and these come at a price. If you have had any legal issues, then you can always reach out to Wall & Wall Attorneys at Law PC. However you also need to know that you must still have enough to live on at the end of the month and not save up too much. It’s easy to worry about money and can affect your mental health, so if you can learn to save then you will be helping yourself in the long run. 

Other unexpected finances may arise also, such as health care costs or any other type of medical treatment costs that may arise. For example if you’re not covered for your dentist bills or chiropractor bills, you may have to go to an out of hours clinic that may charge exorbitant rates and make you feel really unhappy about the situation entirely. Of course if you feel that you have been charged unfairly, you can look into this too. Other types of health costs are likely to pop up at other times too, such as eye tests, prescriptions, any types of surgery that isn’t covered and much more, and we all know that our health must come first.  Saving up can help ease the pressure a little, if you are able to do so.

But how easy is it exactly to save money? It’s not that easy but there are some tricks and tips you can follow to make it easier: 

  1. Create a Budget - This is the first place to start. When you’re looking at trying to save money, you need to clearly assess how much you really have and how much you want to save realistically every month.
  2. Save Automatically - Set up a direct debit to yourself so that you are always receiving some cash a month without having to think about it. 
  3. Build an Emergency Pot - Whether it’s at home or through a bank, keep the spare cash somewhere within reach.
  4. Track Your Spending - Don’t overspend credit cards and spend beyond your means. Be sensible and avoid debt where possible as this will also greatly help. 
  5. Make a Money Plan - This will work if you know when you are going to save but this looks at budgeting around your income and your savings and making it work for you. 
  6. Consider Refinancing Your Mortgage - If your mortgage is sucking the life out of you, seek advice.

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