Starting a Savings Account on a Budget

Living paycheck to paycheck is not a fun thing for most people about finance. Some have figured out exactly how to manage their budget, down to the penny, to stretch every dollar. But what do you do to get out of this slump where you never have anything set aside for emergencies or for your future? You open a savings account. How is someone on a fixed income supposed to open a savings account when they have nothing left over after covering their monthly expenses? There are many ways to save, even for those with nothing to put in the account.

Sometimes you have to think outside of the box to get the results in finance you need. How can you make more money? If your current job is sustainable enough for you to have all of your bills paid and your basic needs met, consider taking on a second or third job. Use the income from this job to go only to your savings account. You can even set up a direct deposit to do this automatically for you. Consider selling things you no longer use. You can uses the money from doing this to build a nice starter account by selling items that might be worth more, like furniture, artwork, musical instruments, and jewelry. You could also try your hand at creating things to sell. Websites are a great way to put your products out to the masses to earn that extra dough. You could also consider freelancing some of your skills. There are many websites that cater to freelancers of all sorts, from finance and writing to web design to data entry.

If you’re having trouble getting your savings account off the ground and running, don’t get discouraged. There are many others out there in the same finance boat as you. You just have to apply yourself. Once you get your account going, be careful not to dip into it for anything other than emergencies. A good goal is to have enough finance in your savings to cover six month’s worth of expenses. Happy savings!

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