Saving money can be difficult, we know. There will be tight months and unexpected expenses like car repairs. But it’s never too late to start saving and adopt good habits. Making room to save is the important thing — even a little can go a long way. Saving on a regular basis is a great way to grow your “nest egg.”
Plan for Emergencies
You may already put money aside for things like birthday presents, a new dishwasher, or maybe a new home. But your most important savings goal should be an emergency fund. This fund will help you cover expenses you’re not anticipating — for example, repairs if your car suddenly breaks down, or if you or your spouse unexpectedly lose part of your family’s income.
Ideally, this fund should be enough to cover your regular monthly expenses, like rent, food, and utilities, for three to six months.