SEARCH OUR BLOG

ARTICLES BY TOPIC

RECENT ARTICLES

RELATED ARTICLES

The Blog

January 26, 2017

Saving for a Rainy Day

by Sheryl 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!

You might also be interested in:

Year-End Planning: Financial Organizing
Year-End Planning: Financial Organizing

Here at Rowling & Associates, we talk a lot about the importance of year-end planning for taxes. Evaluating your tax situation prior to the end of the year for any tax-smart moves you can make goes a long way in reducing your future tax liability. Year-end...

The Financial Impact of Alzheimer’s: Long-term Care Costs
The Financial Impact of Alzheimer’s: Long-term Care Costs

Did you know over 6.1 million people in California are over the age of 65? Recent studies show that around 840,000 people in California could be living with Alzheimer’s disease by 2025. According to the Alzheimer’s Association, people 65 and older with Alzheimer’s...

Earthquake insurance: What does it cost and is it worth it?
Earthquake insurance: What does it cost and is it worth it?

An earthquake can cause expensive damage to your home when it happens. If you live in an earthquake-prone area, like San Diego, you may want to consider obtaining earthquake insurance to protect you should the worst happen. In this article we’ll take a look at the...

How to Prepare Yourself for the Annual Wildfire Season
How to Prepare Yourself for the Annual Wildfire Season

As many of us will remember, 2020 saw much of California, Oregon, and Washington damaged by the 27 wildfires that roared through various counties in late August. Sadly, those of us living in these states know that “fire season” is a yearly occurrence, and there is a...

How To Leverage Debt To Build Wealth
How To Leverage Debt To Build Wealth

Did you know that around 66% of Americans can’t pass a financial literacy test? In fact, a FINRA study revealed that millennials especially (76% !) struggle with financial literacy. A lack of financial awareness can lead to engaging in problematic financial behaviors...

Year-End Planning: Financial Organizing
Year-End Planning: Financial Organizing

Here at Rowling & Associates, we talk a lot about the importance of year-end planning for taxes. Evaluating your tax situation prior to the end of the year for any tax-smart moves you can make goes a long way in reducing your future tax liability. Year-end...

The Financial Impact of Alzheimer’s: Long-term Care Costs
The Financial Impact of Alzheimer’s: Long-term Care Costs

Did you know over 6.1 million people in California are over the age of 65? Recent studies show that around 840,000 people in California could be living with Alzheimer’s disease by 2025. According to the Alzheimer’s Association, people 65 and older with Alzheimer’s...

Earthquake insurance: What does it cost and is it worth it?
Earthquake insurance: What does it cost and is it worth it?

An earthquake can cause expensive damage to your home when it happens. If you live in an earthquake-prone area, like San Diego, you may want to consider obtaining earthquake insurance to protect you should the worst happen. In this article we’ll take a look at the...

How to Prepare Yourself for the Annual Wildfire Season
How to Prepare Yourself for the Annual Wildfire Season

As many of us will remember, 2020 saw much of California, Oregon, and Washington damaged by the 27 wildfires that roared through various counties in late August. Sadly, those of us living in these states know that “fire season” is a yearly occurrence, and there is a...

SEARCH OUR BLOG
ARTICLES BY TOPIC

RECENT ARTICLES

RELATED ARTICLES