Difficult times can certainly take a toll on your bank account.
Between shutdowns and layoffs, many companies and individuals have faced rough financial situations – and several may have used savings to get by. Perhaps you’ve found your emergency funds depleted or your savings account tank is on empty.
Whether you’re seeking to recover financially from a setback or learning to start saving for the first time, follow these top tips from Kansas City Credit Union’s professional financial advisors!
- Set a Specific Goal. Would you like to recover your full former savings amount? Perhaps you should start with a smaller, less overwhelming goal – one that is attainable and practical. If you’ve never set up a savings account before, keep in mind that most experts recommend saving up three to six months’ worth of living expenses as an emergency fund.
Chop That Spending. The importance of budgeting cannot be stressed enough. If you really want to save money, you’ve got to consider where you need to cut expenses. The quickest, best way to start chopping excessive spending is by taking a look at subscriptions you pay for but no longer use. Shop frugally by buying off-brand items of the same quality. Another great tip is to shop locally – support your local community and don’t pay for shipping!- Choose a Side Hustle. Opt for an easy, minimal investment opportunity where you can set your own hours. Consider filling out surveys for Swagbucks or setting up a driver account with Uber or DoorDash. With Wag and Rover, you can get paid just to hang out with people’s pets!
Minimize Your Stuff, Maximize Your Savings. Simply put, one man’s trash is another’s treasure. Time to clean out the closets? Need to organize the garage? Host a garage sale! If you don’t have a free weekend or the space to do so, check out the billion ways you can sell your things online. Sell old clothes on ThredUp or Poshmark – some people can sell over an Instagram account as well. Make money from old jewelry on worthy.com or sell your old sports equipment on Swap Me Sports!- Strategize Your Savings. Plot out how long it will take you to reach your savings goal. Consider setting up an automatic monthly transfer from your checking out to your savings. If you come upon unexpected money – an inheritance, a work bonus, or some other extra funds – resist the urge to spend it and add it to your emergency fund!
Ready to get started on the path to financial freedom? Kansas City Credit Union can’t wait to answer all your questions – we love nothing more than to support you in your journey to financial stability and success. Contact us today for more information!
