Safeguard Your Savings Account

Accumulating wealth takes a great deal of self-discipline and sacrifice.

 

So, how can you protect your savings over time?

 

Most people working a full-time job spend more time with their colleagues than they do with their loved ones. That fact should be evidence enough that we put in a lot of effort into making a living- and saving money.

Here are a couple of ways to keep your income safe  , so that you can benefit from saving and investing down the road.

 

Your Piggy Bank

 

Safeguarding your savings means that you need to have a backup in case something unexpected should happen. Expect the unexpected, because those large expenses will happen sooner or later.

 

Building an emergency fund is a great way to deal with the unexpected. It should be a part of your regular saving process, and you may have one account for your family savings and another one for your emergency fund.

If you experienced a financial setback, this article may help you.

In order to build a savings balance, you’ll need some self-discipline. Consider these points:

 

Discipline and time

 

With discipline and time, most people can accumulate far more wealth than they think is possible. But growing wealth requires change- which is precisely why most people don’t make the effort. The changes I’m suggesting involve an old friend:

Delayed gratification

 

Some decisions are relatively small:

• Dropping a subscription music service and just listening to the free version (Pandora, for example).
• Making coffee at home two days a week, which means that you stop by Starbucksless often.
• Buying afew more generic products when you go to the grocery store and Target. (I’m not going generic on salad dressing, however).

 

Since these are smaller decisions, the amount of gratification you’re delaying is small. You don’t mind listening the commercials on Pandora (I certainly don’t- I just turned down the sound), and the coffee at home isn’t bad.

Take a look at your monthly budget and make some spending cuts, then use the extra dollars to build a savings balance.

Use this site to apply for a loan Find My Rate at Social Finance Pay off credit cards or invest in a major purchase

What About Insurance?

 

Make sure that you have the right kind of insurance to deal with unexpected expenses, so that you don’t have to empty your emergency fund in case of a flood or some other event. Have a look at 1stresponsepublidadjuster.com to learn about getting the most out of an insurance claim.

 

Who Gets Paid First?

 

While working out a sustainable budget is the key to living within your means, you should try to work out a savings plan that is just as bulletproof.

 

That work promotion may come, you may receive a lot back on your tax return, or maybe you have some inheritance money lined up – yet, you should still spend the same amount of money and just save a bit more. Have a look at bettermoneyhabits.com for some more money saving tips.

Many freelancers and business owners may have times when cash flow is a problem. Use this site to apply for a loan Find My Rate at Social Finance in order to cash flow your business until you can collect receivables from customers.

 

Remember to pay yourself the amount you promised before you spend money on anything else. Sure, you still need to have money to pay your bills but try to treat your savings account as another bill you simply have to pay before you can treat yourself.

 

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

Co-Founder: accountinged.com

(email) ken@stltest.net

(website and blog) https://www.accountingaccidentally.com/

(you tube channel) kenboydstl