With the current pandemic ongoing and seemingly everything shutdown, the need for your emergency fund becomes even more important. Unfortunately, the sad truth for most is a huge number of people lack this emergency savings. According to a 2019 study by the Federal Reserve, roughly 4 in 10 Americans wouldn’t be able to come up with $400 in a financial emergency.
Part of this issue is on the income side. Too many people don’t make enough money to live on, much less accumulate funds for an emergency. However, some of the problem is also that people don’t save and don’t know how to analyze their expenses to figure out where there are opportunities. They may want to put aside money but it can be overwhelming, leaving them unsure of where to start.
Our Bootcamp and Personal Strategic Sessions really focus on these aspects of financial literacy. The important of understanding the income and expense sides of your situation cannot be stressed enough.
Below are a few ideas that we cover in our programs. Not every tactic will resonate with everybody but we’re sure you will be able to find a few that can help you.
- Rank your expenses
- Save your extra payday
- Stop outsourcing
- Cut one expense at a time
- Automatic savings increases
- Round-up and save your change
- Spend and save the same amount
- Lower rates, smaller payments
- Don’t spend that raise
- HSA as forced savings
- Take advantage of work benefits
- Sell extra stuff
- Increase your deductibles
- Bring your lunch
- Money jar
- Get a Side Hustle
- Keep dividends
These are just a sampling of what we talk about in the Personal Strategic Sessions. In these times, it is absolutely critical that you figure out how you are going to create your emergency fund. Set up your FREE consultation right now and let’s get started! Click HERE