Sometimes people fail to save money because they don’t want to. If there is barely enough money to go around, there are few ways to save any. Well over a millennium ago, the Mayan civilization disappeared without any explanation. And while WallStreetOTC.com works to explain the newest theory about the fate of the Mayan civilization, many people face the prospect of their future disappearing without a trace.
You can preserve your financial future and prevent it from disappearing. Regardless of whether you’re looking to increase your income or simply work with what you have, there’s always a simple way to keep more of what you earn in the bank. Here are ways that you should be able to save some of what you earn and solidify your family’s future.
Always Add to Your Nest Egg
There are millions of U.S. citizens who don’t have any money saved up, let alone have a savings account. The entire concept of having a nest egg is foreign to these folks and, unfortunately, they are the ones who are most likely to meltdown when experiencing a financial crisis. If you have a car that you’re financing, and you fall behind on the payments, your nest egg can be tapped so that you’re able to avoid having your vehicle repossessed. Sure, it can take months before you build up a nest egg that’s big enough to talk about. That’s really why your nest egg can never be big enough. Adding an extra $50 to it monthly would result in an addition of $600 a year. Considering that nest eggs only need to be tapped during emergencies, you could have savings that amount to thousands of dollars if you stay with the plan.
Keep That Personal Credit Rating in Mind
A lot of people know that credit cards are good for making big-ticket purchases when they’re short on cash, but credit isn’t often reserved for necessities. You can use Credit cards to build credit too. So, every time you spend on the card and pay it off, you’re improving your own credit rating. If your credit rating is good enough you can have anywhere from $5,000 to $20,000 in credit at your disposal for all kinds of unexpected expenses. Now, if you get three or four credit cards and then max them out, you’ll just have more debt and no means of being prepared for emergency expenses. The best thing for you to do is just to keep close tabs on your credit score and avoid creating new debts. If you have existing credit card bills, pay them down and only use your available credit line if you truly have to.
Stay in Preparation Mode
There’s a reason that some people seem to be able to survive financial crises while others are constantly in a state of chaos, and it has nothing to do with being hardworking. Being able to survive a financial crisis is based on your ability to adapt. If you are having issues paying your rent, you might need to move into a cheaper apartment. If you are having trouble paying all your bills, a better job might be in order. Don’t stop saving just because you have a healthy nest egg and a decent credit score.
If you look at your bank statement and check each charge for what you spend over the span of 30 days, you will immediately learn of ways to save more of your hard-earned money. Do your own nails if trips to the spa are draining your bank account. Go fishing and bring home a low-cost meal if you think that your love of seafood is hurting your ability to save. There are always multiple ways to reach the finish line.