“Do not save what is left after spending; instead spend what is left after saving.” ― Warren Buffett
Do you put some of your household’s money into a savings account every month? You would be surprised by how many Americans aren’t ready for a potential significant loss in income. Approximately 7 in 10 Americans would feel the weight of a loss of income in a month or less.
Most financial experts recommend that a person or family have at least three months’ (and up to six months’) worth of expenses in an interest-earning savings account to be ready for unexpected financial hardships. Savings above and beyond that amount should be in a retirement or investment account.
Check out our full blog post with more information, including detailed explanations of ways you could be saving more of your money, including:
- Instituting a waiting period to avoid impulse purchases.
- Tracking spending to identify savings opportunities.
- Cutting back on unnecessary expenses.
- Taking advantage of free entertainment in Boston.
- Reducing or eliminating recurring expenses.
One easy place to save money is on your insurance policies! Call Vargas and Vargas Insurance Agency at 617-298-0655 to ask about how you could lower your insurance payments. While we’re chatting, let us recommend a financial advisor to you. With our help, you could be well on your way to bolstering your savings and being ready for any unexpected future expenses.
