How Long Can You Live On Your Savings?

If you lost your job, could you cover your bills?  When consumers were asked that question in a survey this year by RetailMeNot, the discount coupon site, nearly half confessed that their savings would last for just one month!  The root may be simple…many people just don’t know how to save.  But learning to save doesn’t have to be difficult.  Here are six tips to get you started: 

        

• Create A Budget – Track your expenses, figure out how much you need to cover essentials and identify where you can make cuts.

• Prioritize Your Savings – With your budget in place, calculate how much is left for savings, and set priorities!

• Make A Savings Habit – Pay yourself first with very paycheck by contributing to your savings account!  The easiest way to do so is with automatic deductions. 

• Capitalize On Compound Interest – Put your money in accounts paying interest, leave it there, and watch your money potentially grow.  Honor Financial Group can help you take a look at options that might fit your unique financial situation. 

• Pay Off Credit Cards – Paying high interest rates on your balance is money you could otherwise be investing or saving.

• Save Your Raise – Painful as it may seem, one way late starters can play catch up is to put most of that extra money into savings. 

If you have questions and would like to meet with a financial representative, Honor Financial Group is a great first step.  Give us a call to set up an appointment today.  And, don’t forget to follow Honor on Twitter @honorcu!  Tweet us and let us know what you want to hear us talk about on Mason Jar Monday next week using #askhonorcu!

Securities offered through LPL Financial, member FINRA/SIPC. Insurance products offered through LPL Financial or its licensed affiliates.  Honor Credit Union and Honor Financial Group are not registered broker/dealers and are not affiliated with LPL Financial.