You want your savings to last. But you don’t want to spend your days and nights worrying about whether they will.
Here’s a GenuLines look at money management that will let you sleep at night.
Put Your Savings On Autopilot
Putting a little money away for a rainy day isn’t always easy. You may have some good intentions, but at the end of the day, there isn’t any money left.
Somehow whatever you make is spend before you get it to the next paycheck.
Start by making a personal budget. Take a look at what you bring in each month. Next, write down your fixed expenses.
These are things like rent, car payments, utilities etc..
Figure out how much you need each month for groceries and other essentials. This is your bare bones budget.
It’s good to know what you need each month to get by.
Do the math
Next it’s time for a little bit of math. Start with what you bring in each month and subtract all your core expenses.
What you’re left with is your discretionary income.
This will pay for entertainment, clothes, and other things. And from this point on, part of that income will go into a savings account.
Pick a number you’re comfortable with. It could be a mere $20 per month, Or $500.
Put it in your budget and treat it like any other bill.
It won’t take you long to get into the habit of setting aside that money for savings.
Bank on it
To make it even more hands-off, talk to your bank about opening a separate savings account. Set up an auto-deposit to have the savings transferred to the new account.
This will happen as soon as your pay check comes in. If you don’t see it, you’ll never miss it and your savings will run on autopilot.
Don’t forget to audit your nest egg from time to time. Take a second look at your budget.
Can you increase your savings a little more?
Another savings booster involves things like birthday cash, tax returns, and bonuses. You’ll put those straight into the savings account
Again, you won’t even miss the money, but it will give you a quick savings buildup.
Don’t lose interest
Make sure your savings are sitting in an interest bearing account. Since you won’t be touching this money unless it’s a dire emergency, you should be able to earn at least a little interest.
Talk to your banker about your best options and start putting your savings on autopilot.
One last tip: Talk to your employer about matching 401K funds. Their contribution can help you reach your goal even faster.
JohnK 10-31-2022
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