An important aspect of a budget is allocating money to savings. Having savings helps you get through emergencies, meet short term goals and long term goals, and it gives you peace of mind knowing that you have a financial cushion.
Step 1: Start saving. If you don’t have an emergency savings account, then start one. You have to build up a savings account that you can fall back on instead of credit cards. No matter how small your contribution, contribute some amount every paycheck. Financial professionals recommend having 3 – 6 months’ take-home-pay in emergency savings.
Step 2: Are you saving for your retirement? Do you have a retirement plan at work that in any way matches your contributions? Contribute enough to your retirement plan so that you get 100% of any matching contribution from your employer; otherwise, you’re leaving money on the table.
Getting and keeping your finances under control is not easy; that’s why consultations with a Money Coach are so important! Your Money Coach can help you with each of the steps listed above and more! Call 888-724-2326 to get started today.
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