If you had to rely on your savings to live, do you know how long it would last?
Forty-seven percent of Americans said their savings would last three months or less if they went through a financial crisis, according to a recent survey by NeighborWorks America.
Whether your stash is large, small, or somewhere in between, putting away a little – or a lot – more doesn’t have to be complicated. In fact, following a few steps can make a large impact, especially over time.
The following strategies can help you boost the amount you’re putting away, and build momentum into your savings plan.
Have goals for your savings.
The idea of saving more may sound appealing, but without direction, following through is usually an uphill climb. “It’s incredibly hard to get anywhere without a destination,” explains Kevin Gallegos, vice president of Phoenix operations for Freedom Financial Network.
Sit down with your family and talk about what you want to accomplish, both in the coming months and also in the years ahead. Together, create a list of what you want to save more for, such as a plush emergency fund, an upcoming two-week vacation, college, another vehicle, a new deck, or retirement.
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