Joseph Dillard

Many of us know the importance of having an emergency savings account. We have either been in a situation where we needed money we did not have, or we were told that we should have an emergency savings account. Even though we know it, we don’t think we can ever save enough money to put into such an account. The suggested amount for an

emergency savings account is 3 – 6 months of income. For many people who are living month to month and for many who are not that amount of money seems impossible to save. How can you ever imagine saving that much money?

You need to begin where you are and take one step at a time. Instead of thinking about the ending balance, think about right now and how to get there. Even if it takes a long time. In many cases it’s going to take a long time. Unfortunately, very few people want to wait these days. But waiting will help you to achieve your desired goal. Saving $10 per month does not seem like a lot but if that is all you have right now, then start there. As you pay down debt, get pay increases, get tax refunds and bonuses you will have more money to put into your emergency savings account. It all adds up if you don’t spend it.

You can watch your balance grow as your spending habits change and your patience increases. Some of you will see the high balance and think of ways to spend it. Some of you are not used to seeing money in your savings account for more than two or three months. So, you find a way to spend it. If you are going to be prepared for the unexpected, then you must change your mindset. Change is not easy but if you want something better, then you must sacrifice and make the necessary changes. You can do it, but you must be able to stand having a balance in your savings account. All the best.

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