We usually focus on ways to save money regularly and automatically on this blog. These ways can be accomplished easily in the pay-yourself-first fashion of going to your employer and setting up a 401k and a paycheck-by-paycheck debit that goes to an account with someone like ING Direct, T Rowe Price or a savings account of some kind. We always recommend you do your own research on “where to land money” for savings and investment.
However, if you are seeding an emergency savings fund, we always recommend a money market savings account or certificates of deposit with an FDIC-insured institution.
Sometimes you need a little help to get your savings started or boost it up. If you are ready to try your hand with this, we want to help.
This blog entry looks at additional ways to BOOST SAVINGS with things you already have at your fingertips. Things you own. This blog entry is about selling things you currently have but are not using. You know we all have items in our homes that we have not used in a long time. Trade them for peace of mind. Boost your emergency savings.
Where do you sell such things? I guess everyone knows about ebay. What if you had a lot of different options to sell your old things? Would that be a game-changer that would allow you to really boost an emergency savings fund or start one?
If you are going to sell things you already own, you have to learn to be patient and know in advance what you will accept for any item. There are always negotiators (and you should always be one of them when you are BUYING), but boosting your emergency savings or savings in general by selling things you already own is a great way to build a little savings.
Just know what you want to get for your things and stick to your plan. And always put the money directly in your savings.
How much emergency savings is enough? 15 to 18 months of expenses. No, you won’t get there all at once, but hang out with us and we will continue to show you ways to can enhance your savings. You’ll get their faster than you think.
SAVE MORE THAN MONEY
In this country we don’t do enough to teach our children about money, managing money, saving regularly (and automatically), compound interest and steady investing for a long-term future. As a parent, we are always concerned that they get a good education and go to a good college so they can make a lot of money or have a valued career path. The truth is that we could do our children the biggest favor and one of the best things by sharing with them sound saving and investing principles.
You can join our free Facebook group (or have your children do it, too) by searching in the Facebook bar on your “wall” for “Live The Lifestyle Your Family Deserves.” Click on “become a fan.” It’s free and it ties our free blogs into that group.
If you want to give your children the same information we are giving ours, you can purchase the only thing we sell on any of our blogs or groups. It’s called “How To Survive Any Financial Crisis” and you can get it for only $4.95 at http://www.middleclassmoney.com.
Thank you for reading our blog and good luck!