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MONEY HACKS: Are You Ready to Build an Emergency Savings?
Introducing, Money Hack & Tips with Alex Assaley. We’ll be dishing out raw financial hacks from our financial expert every month. This first video is kicking off the new year with a very important resolution for your savings. (Hint: it has everything to do with emergency savings.)
We get calls and questions all the time from employees, investors, savers, and people just planning for their future, so in these videos, we’ll be answering those questions.
For 2018, we’d love to get you started on a strong foot and so for January we’re talking emergency savings. While New Year’s resolutions are on top of everyone’s mind, there’s no better time to get started. Over the next couple of weeks, I want you to ask yourself “How can you do a better job at savings for the long term, but also save for now?” Emergency savings are money we set aside for real emergencies, so an unexpected medical bill, car problems, or you lose your job. Emergency savings make up one of your three important savings buckets (other buckets are medium and long-term savings).
Since you’ll probably be receiving your first paycheck in 2018 soon, we challenge you to go to your HR and get a direct deposit slip and automatically save money each paycheck into a designated emergencies savings account. If you don’t have an account yet, determine how much money you can set aside each paycheck, and regardless if you’re saving $10, $100, or $1,000 decide what you can save and do it. Ideally, the goal is to have 3-6 months of savings built.
Hope you’ve enjoyed this video and be on the lookout for our next one soon!
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