Over the past few weeks I have discussed some ways to save small amounts of money at a time to build up your savings. Everyone needs a rainy day/emergency fund. Ultimately, six months or so will keep you safe through a bout of unemployment or other crisis. However, reaching that goal can take quite some time. Try to put a minimum of $500 together to put in savings as quickly as possible. Then, no matter how much your income is (or isn’t) save a percentage of it. My blogging income varies greatly from month to month. Sometimes I really need all of the income, but I save 5% right off the top no matter what I make. I know it is equally important to keep funding my savings in addition to paying my household bills.
This week I challenge you to choose a percentage you can force yourself to save out of your income. Even if you can only save 1 or 2 percent, it is better than nothing. Between the percentage you add from your income (and your spare change), your rainy day/emergency fund will have a healthy balance quicker than you think!