It’s easy to look at a seemingly daunting task and think, “That’s too much to tackle right now – I’ll do it later when I’m ready.” More often than not, we end up putting it off again and again until it’s too late. By that point, things are worse than if we’d accomplished the difficult task in the first place.
When it comes to finances, a lot of us put off saving because those goals seems highly unattainable. We know saving is important but we aren’t sure how to put aside money when there’s so much that you have to spend your money on right now. It’s time to end the cycle!
Starting with short-term savings, you should be making sure to set aside enough to cover emergency expenses. You don’t want to get stuck with a flat tire or broken A/C unit and not be able to pay for repairs. Some emergencies, like not being able to drive your own car, can lead to more expenses the longer you can’t fix the problem!
Some say that you should set aside three to six months of income, or have enough to cover three to six months of bills. Of course, the more you save, the better. But the most important thing to do is just start! Even if it’s just $10 from each paycheck, that’s better than nothing. Try to increase it every time – maybe next you’ll put $20 in savings, then $40, then $80… Soon you’ll find that you’ve got a good amount ready for emergencies, when it seemed like it would be so hard to get to.
Think of it not just as putting money into a backup stash, but as investing in your future self. When your next unexpected expense sneaks up on you, you’ll be thanking your past self!
Watch our Ask SunWest episode on Short-Term Savings, and stay tuned for more in this series! If you have any questions on savings or another topic you’d like us to cover, send us a message or leave us a comment!