All of us understand that we should be saving money. Whether we are saving for retirement, saving for our children’s college fund, or just saving for a rainy day, all of us know that you can never have a large enough nest egg. Unfortunately, it can be almost impossible for people to find extra money to stash away as they live paycheck to paycheck. Even for someone who is stretched as far as possible, it is possible to find money here and there to build some savings.
To start, a person should know exactly when they are paid and should save money immediately. Online banking makes it very easy to check your checking and savings accounts to see the balances of both. When a you first get paid, try to move 3% of your paycheck into savings. By doing that immediately upon getting paid, it is less likely that you will miss this money. If this proves to be too much, try to find a number that works for you. Even if you can just save $10 a week, that equals more than $500 in a given year. This $520 can be a major help if there are suddenly unexpected expenses or other unforeseen issues.
Saving money immediately upon getting paid makes it easier to budget for this new amount. Instead of spending $5 on that fancy gourmet coffee in the morning or spending $10 on lunch every day, you can identify areas that can save you money. Brewing your own coffee and bringing your lunch isn’t a major sacrifice but the savings add up quickly.
If you try this and still find you can’t save and stay current on your bills, it may be time to speak with a St. Louis bankruptcy lawyer about your debt problems. Westbrook Law Group is here to help those who have major problems caused by overwhelming debt. We work with our clients to find a personalized solution for their debt problems, freeing them from the overwhelming stress debt can bring. To speak with an experienced attorney about your debt issues, contact Westbrook Law Group right away.