When it comes to saving, there are three primary areas where we want to focus our efforts.
- Now: this is savings that help cover immediate changes to your income, such as shortfalls, or spikes in your expenses. Think of these like emergency savings, to help cover the expenses from loss of income or unexpected situations.
- Soon: savings for short-to-mid-term expected goals and expenses, like a new vehicle, home or vacation.
- Later: savings for beyond tomorrow and long-term goals, such as retiring or sending a family member to college.
Tips to help you Save Better:
- Start an emergency savings fund, with a goal of at least $500.
- Think about your current savings strategy and what may be preventing you from saving (more). Create or review your budget and see what changes you can make - like cancelling one subscription, or purchasing one less coffee per week.
- Set a short-term savings goal, by considering upcoming expenses, such as car maintenance or holidays.
- Set up small, automated transfers around your paydays, or on a weekly or monthly basis.
- If available, contribute to your employer benefit plans, especially if your employer offers a match.
Start saving better with these helpful tools:
