Emergencies and crises always happen at the worst times; you’re never ready for the car accident, the burst water pipe, or the lost filling from your tooth at the beginning of a weekend. Even though you can’t predict the future, you can control how you react to it by having a plan in place to cover any immediate financial needs that you must handle. Whether you’re taking a sick child to the doctor, buying a gift for someone’s special day that you almost forgot, or paying a vet bill for your furry friend you must be ready with cash in hand to pay for the solution that fixes your problem. You may think that you don’t have extra money to save but to avoid an experience that causes you stress, you need to find a way to save each month.
Where Do You Look for Spare Money
You can begin by observing your spending habits daily. Do you buy lunch near the office or use vending machines that are quick and convenient? Do you buy things that you don’t need just because they’re on sale? If your answer is yes, you should take a closer look at your spending habits and make some changes; impulse buying is robbing you of money that you should be saving. You can take public transportation if it’s cheaper than taking your own car. Pack a lunch to eat with your colleagues in the break room instead of eating out. This keeps you from buying food that isn’t healthy for you and costs you less money – money you could use for savings.
Ask Your Children to Participate
If you and your family save money together for unexpected events you can teach your children the importance of having money set aside for emergencies. This is a valuable lesson that they can take with them as they begin their own careers and start their own families. You can discuss the cuts that can be made, the amount of money that can be saved, and how you’ll use the money if it isn’t spent for a crisis. By depositing money saved into an account that will grow, you can be ready for pleasurable events that sometimes come along just as quickly as unpleasant situations. Perhaps your family can use the money for a day trip to a museum or a theme park if the money isn’t used for an emergency. You might also want to ask the children if they’d prefer to continue to save for an even larger trip.
What Plan Will You Use to Save
By having money automatically withdrawn from your main bank account, you can accrue a rather large amount especially if you don’t touch it for a long period of time. Check the Internet for savings tools like the GE Capital easy access accounts that can give you an excellent method of saving money for emergencies. Your money will be safe, you can have immediate access to it, and with your children can watch it grow into something that is valuable.
Planning for the unexpected is wise and involving your children in the process is a priceless gift that they can always use.
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