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Tag Archives: paying off consumer debt

Savings Advice I Would Give to My Friends

As a reformed over spender, I now realize the value of having back up savings and being free of consumer debt. Without money set aside, I might be forced to use credit cards in an emergency. Sometimes the personal finance geek inside of me wants to shout the virtues of saving money from the rooftops. Because that isn’t an option (I’m really clumsy), I’ll have to resort to simply sharing savings advice I would give my friends. Get An Emergency Fund If saving six to eight months of emergency money sounds impossible, start small. Get an easy access savings account and make it a goal to save $100. Anyone can save $100. Some ways to do this could be to stop smoking, drinking, or gambling, stop getting manicures, don’t  go out to eat for a couple of months, take your lunch to work, or cancel your cable. If you can sit down and figure out where all of your money is going, there is probably something you can change to keep more in your pocket. After you have the first $100, aim for $500. Then, increase the amount until you have a number that lets you sleep well at night.

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