As the famous saying goes, we all have to start somewhere. Start where you are. Use what you have. Do what you can.
According to Bankrate's 2020 Financial Security Index survey, 59% of Americans cannot come up with $1,000 to pay for an emergency. Bankrate also found that 28% of Americans reported that they or a family member has experienced an emergency expense within the last 12 months.
It is critical for our success to have the savings in place to prevent emergencies from derailing us from achieving our goals.
To be different requires us to do things above the average.
Here are 5 Easy Steps To Save $1000 that you can start today.
1. Keep Track Of Your Money.
Know how much money goes in and how much goes out.
2. Start Breaking Down Your Expenses.
Now that you know your expenses in detail, ask yourself the following questions.
Is there an area where you can cut expenses?
Are there any opportunities where you can save money?
Get creative and figure out ways where you can save here and there.
3. Create A Strict But Realistic Budget.
This is the fun and challenging part.
For example: if you allocated a weekly take-out food budget of $25.
Should you divide $25 by 5 days or should you have a Sunday Funday and spend all $25?
Whatever you decide, stick to it. Consistency is key to achieving any goal.
4. Automate Your Savings.
Set your bank account to automatically draw money from your checking to your savings account.
5. Set A Specific Time Period.
Evidence shows if you set a specific time period, you are more likely to achieve your goal.
To help you get started use Sked's Budget Tracker found on the back of the planner.
To keep you aligned with your goal use Sked's Make It Happen page found in the beginning of every month.
To keep you on track use Sked's Self-Check In page found at the end of every month.
Show us how you plan on saving $1000 by tagging us on Facebook or Instagram by using #SkedSquad.