Chesapeake In The Know

Part of our emergency messaging is always to save money for the unexpected. Disasters can be costly, even if you have insurance. Not to mention the everyday hazards of car accidents, health issues, or appliance breakdowns. It’s clear that saving is important so here are a few tips to get you there.

Save automatically. Set up an auto-transfer through your bank so that every payday a portion of your account goes right into your savings. You could also choose one day of the month to do this manually – just stick to it.

Add “saving” to your list of bills. You know you have to pay your bills each month so if you consider paying your savings account just as important as paying your utility company, you might be more inclined to do it regularly.

Reduce your unnecessary shopping by creating a long-term shopping list. When you want to buy something, put it on a list (or if you’re shopping online, add it to cart.)  Once a month or once a quarter, take a look at the list and determine what it is you still want to buy. Make a rule that you can only buy something that’s been on the list for the full month or quarter. No impulse buys!

And finally, if saving is not something you can afford to do right now, don’t discount reducing debt. Reducing debt is absolutely a form of saving and is a great step towards financial security.