SEVERE WX: Flood Warning View Alerts
CLOSINGS: View Closings

My Money Monday, Jan. 29 - How to start saving

The easiest answer is cut back on how often you go out to eat.

Posted: Jun. 20, 2018 2:03 PM

Topic: How to Start Saving
Link: https://www.firstalliancecu.com/blog/seven-quick-savings-tips-to-help-you-start-saving

Q: Everyone knows they need to save money, but what’s a good way to start?

A: The best advice we give our members to help them start saving is to start small. You can open a separate savings account and have a small portion of each paycheck direct deposited into it. This will help you build an emergency savings fund.

Q: How much money should someone have in their emergency fund?

A: The rule of thumb is to have between 3 to 6 months’ worth of your income saved. However, if your just getting started set your goal a little smaller than that, at around $300 for example that’s only saving $25 a month for 12 months, then increase your goal as you get better at saving.

Q: What are some easy ways someone could save $25 a month?

A: The easiest answer is cut back on how often you go out to eat. Then use the money you would have spent going out to eat and put that money into a savings account. You will be amazed at the end of the month how quickly those purchases add up.

Article Comments

Mason City
Clear
29° wxIcon
Hi: 40° Lo: 26°
Feels Like: 22°
Albert Lea
Clear
28° wxIcon
Hi: 38° Lo: 26°
Feels Like: 28°
Austin
Clear
32° wxIcon
Hi: 40° Lo: 27°
Feels Like: 32°
Charles City
Clear
28° wxIcon
Hi: 41° Lo: 26°
Feels Like: 21°
Rochester
Clear
28° wxIcon
Hi: 38° Lo: 24°
Feels Like: 21°
Tracking warmer weather by the end of the week!
KIMT Radar
KIMT Eye in the sky

Latest Video

Image

Riverfront property: What's Next?

Image

Flood risk in Olmsted County

Image

A look back on the historic career of John Marshall's Matthew Hurt

Image

Flooding concerns in Olmsted County

Image

Lawsuit filed: Nonprofit and breeding operation

Image

Hands free driving in Minnesota

Image

Next Week's Work Week

Image

Community Child Care Forum

Image

Working to fix pot holes

Image

Bridge Coming to Trail

Community Events