man saving money for a financial emergency

Avoid the Next Financial Emergency: How to Save Money

Financial emergencies can arise when one is least prepared. The best way to make sure you are in a position to handle whatever comes at you is to always manage your resources and plan out your spending. Many Mississippi residents live paycheck to paycheck and are unable to save each month. By following certain tips and guidelines, you can better situate yourself to avoid the next financial emergency. But what are these tips and how easy are they to follow for the everyday person? Well, the main ways to save include:

  • Using a simple savings account
  • Paying debts off in full
  • Cutting down on groceries
  • Spending leftover money wisely

Starting a Simple Savings Account

One of the easiest ways to save is by managing your simple savings account with a bank of your choice. While the amount that accrues may not be much, it does give you a separate account to transfer money away from your main funds. All of this can typically be done with your phone through a mobile app or automated phone system. If you are looking for convenience, then a simple savings account is the best choice for anyone looking to avoid the next financial emergency. After every paycheck, you only have to open the app or log online to transfer funds into your savings.

Paying Debts Off in Full

Monthly payments are something that can constantly drain your funds every month. If you are dealing with multiple debts, then you will be better off paying them in full from least to greatest. Instead of slowly paying off multiple bills with small payments made to get you to pay the most interest possible, clear them as soon as possible. Larger debts may require monthly payments, but in those cases, you can try to pay back more each month to finish paying it off early.

Cut Down on Grocery Spending

There are dozens of ways to lower that grocery bill but one of the easiest is to take advantage of sales and deals. I know it can be comfortable to get your favorite brand but maybe it is time to diversify your palate. For instance, maybe you like a good T-bone steak every week but chicken thighs are on sale for a third of the price. Take advantage of that deal and put what you save into your emergency fund instead. Finding deals can help you keep to a weekly savings plan without reducing the amount of food you get. In most cases, hunting down deals will get you more food for less.

Spend Leftover Money Wisely

If you are keeping to your budget, then you may have leftover cash at the end of the week. Even after adding the amount you usually add to your savings each week, you can have some funds free. A great way to avoid the next financial emergency is to take those funds and invest them wisely. For example, maybe your car is on its last legs. Use whatever you are saving to building up enough to put a down payment on a new car or for repairs to keep you going.


Related content: The 5 Best Ways To Save Money If You're Struggling Financially


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Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.

Mason Roberts

Mason Roberts is a seasoned economics writer and blogger with a knack for breaking down and simply communicating the ever-changing world of finance. He is philosophically committed to the premise that financial knowledge equals financial freedom.