SEVERE WX: Winter Weather Advisory View Alerts

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

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

Posted: Jan. 31, 2018 7:07 AM
Updated: 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
Overcast
26° wxIcon
Hi: 37° Lo: 20°
Feels Like: 13°
Albert Lea
Overcast
25° wxIcon
Hi: 35° Lo: 18°
Feels Like: 15°
Austin
Overcast
27° wxIcon
Hi: 35° Lo: 18°
Feels Like: 16°
Charles City
Overcast
28° wxIcon
Hi: 37° Lo: 21°
Feels Like: 18°
Rochester
Overcast
28° wxIcon
Hi: 34° Lo: 18°
Feels Like: 15°
We're tracking accumulating snowfall for tonight
KIMT Radar
KIMT Eye in the sky

Latest Video

Image

Your Friday KIMT StormTeam3 Forecast

Image

Rochester students learning dance, teaching more than just moves

Image

Retailers gearing up for black friday

Image

UMR students discuss rise in hate crimes

Image

Women discuss election wins and losses

Image

Dream season comes to an end

Image

Mobile breast exam clinic

Image

Warriors welcomed home

Image

Legal clinic for sexual assault survivors

Image

Rise above Islamophobia

Community Events