Wouldn’t it be nice if saving money was easier to do these days? The cost of living is costing us more than ever before. According to a Bank of America survey, 77% of working-class Americans believe that cost is “outpacing their salary and wages.” How can anyone create an emergency savings account when there is more going out than coming in?
That’s precisely what GOBankingRates.com wanted to know for their readers, so they asked to speak to our Dr. Kate Mielitz, AFC. As an Accredited Financial Counselor and director of our client financial counseling team, she is familiar with the struggles most people face with situations like unplanned situations, inflation, or other life emergencies like losing a job or going through a divorce.
According to Dr. Kate, we need to cover the basics of saving money.
“Determine what you must have to survive,” she said of household essentials like housing, food, healthcare, and transportation. “If you work from home, high-speed internet is also a survival need,” she said. ” Yes, I prefer that people include their credit card debt in here as well, but that’s about obligation, not about survival.”
She gave six more essential tips on saving money—tips that would do us all some good to practice in our lives. We encourage bookmarking this article and reading it a few times to make note of her valuable insight. If you find yourself struggling to make ends meet and pay your bills, it’s time to discuss saving money in more ways than one.
Give us two minutes of your time to learn how you can be free of the financial stress related to those collection calls and increased worry. That’s all it takes to begin your financial journey toward moving beyond debt.