Am I Saving Enough Money?
Posted by Save Money Frugal Tips
It may be hard, in these tight economic times, to put any money in a savings account at all. While you should concentrate on paying off debt and making sure your family has enough every day, growing your savings is just as important – if not MORE important – than ever.
Am I saving enough money?
Unemployment rates have reached record highs. Businesses are closing and laying off all their workers. Credit is tight and people can’t get loans for new cars or other purchases. Building a substantial savings account is necessary these days.
But the question still remains, “Am I saving enough money?”
Recommendations range from saving three to six months worth of income and keeping that amount on hand at all times. This should give you a cushion, especially if used frugally, in the time before you find another job. However, in this job market, finding a job might take longer than three or even six months. Harsh reality, but important to deal with.
I ask myself this question just like you, “Am I saving enough money?”
Being self-employed, I have to save for all my tax payments, my living expenses, and put aside enough to fill a savings account. Of course, taxes and living come before the thought of putting money aside for a rainy day. But I still schedule a certain amount of money going into my savings account every month, so I do not have to worry, “Am I saving enough money?”
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