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January 26, 2017

Saving for a Rainy Day

by Team Rowling

Did you make a New Year’s resolution to start saving more money? It could be a tough challenge if you leave it to chance. Saving money, like many goals, is more easily accomplished when you have a plan.

Closeup of Mason jar with money for rainy day

First, decide how much you want to save. Next, develop strategies for achieving your goal.

Let’s say that you want to save $400 a month. If you get paid twice a month, ask your payroll department to automatically deposit $200 out of each paycheck into your savings account. This simple step will help you reach your goal – if you don’t take the money out!

In order to avoid dipping into your savings, you will need to identify ways to reduce your monthly expenses.

• Skip the gourmet coffee. By not spending $5 per day, you could save $150 a month!
• Pack your lunch a few days a week. By cutting $45 a week on restaurant lunches, you could save $180 a month.
• Go to a matinee movie and then dinner, rather than dinner first. Saving even $10 a couple once a week can save $40 a month. Better yet, cook dinner at home on movie nights and save $200 a month!
• Check into new rate plans for your home phone and cell phone. First, maybe you don’t need a home phone at all. And, your mobile carriers usually won’t tell you when a less expensive plan is available. A little research could save you $50 a month or more!

I think you get the idea… analyze your spending, make some conscious choices and stick to the plan!

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