An accident, death or a loss does not usually come with warnings days ahead. Most of the time we end up getting a phone call and suddenly you need thousands of dollars for a lifesaving operation that cannot be covered by insurance. So for times like these, you need to have an emergency fund with some money in it to cover expenses that will otherwise end up draining you dry.
- Get a good bank account
There are more banks having different bank account types than the number of corns in a kernel. And choosing a bank account that gives back as much as it takes is something that you need to give thought to before giving your money. When talking to an agent ask about ATM fees, high interests on savings accounts, overdraft fees and such. Usually the smaller the bank is, the higher the inter rates would be as well as perks of the bank services.
- Dividing paychecks
It is usually hard to save anything from a paycheck after you have done paying your bills and done grocery shopping. But usually your own desires might end up being the reason for money not being left in your account after your shopping is done.
If you know that you have such a weakness then you can ask your Human Resources Department to divide up the paycheck from the get-go and send them separately to your checking and savings accounts. Make sure to keep your savings account untouched and make up your mind about it.
- Going for selling possessions
You can go for liquidate inventory ensuring you maximise your returns and see which ones are the best and sell some excess items that you have in your possession. This could end up being a last effort for topping up your emergency funds too.
If you feel like you have too many items and would like to trade them getting services of a system after looking at reduce operational costs that effective substitute to money would be your best bet.
- Go for budget tracking apps to keep you in check
If you know your weaknesses then it is easier to fix them. There are a number of apps that help you keep track of your expenses and this will be a good idea to limit yourself in excessive and unneeded expenses. BUDGT, Mint and Learnvest are some highly rated finance trackers for smartphones and most phones come with an inbuilt tracker too.
Always keep an eye on your account and regular check where money comes in and goes to make sure there are no leaks or issues with your cards and accounts.