Which Savings Strategy Works for You?

Getting in the habit of saving money is important, as it helps lead to creating a financial cushion to cover future expenses. Saving is not easy, especially when everyday products are at an all-time high given recent years’ rising inflation and simply suggesting cutting back on small indulgences can be irritating. Thankfully, there are options to help saving money become more of a habit to better equip you for life’s unexpected needs. Before determining how much to start saving, first understand money coming in and money coming out – like cost of rent, food, car or public transportation, utilities, and other direct payment expenses, such as subscriptions to various streaming services. Apps can help track these recurring expenses, making it a good time to reconsider or renegotiate them. Once you’ve understood your monthly budget, check what’s remaining to determine a doable amount to start setting aside each month. When it comes to saving, there are various strategies, from keeping a certain amount in your bank account each week, to automating transferring money from your checking to your savings account each month. You can also save for something specific, like a vacation, home project, or a splurge you’ve had your eye...