3 ways to save for unexpected event

gboyinwa ajomale

February 14, 2018 4:06 PM

It takes a lot of discipline if you want to save for an unexpected happening, which if you don't save for might affect your general income negatively.

Are there ways you start saving for unexpected events?

It could be hard for some people to save and it could be harder when it comes to saving for unexpected events and happenings.

These are three ways to save for unexpected happenings

1. Stick to your monthly budget

Try to stick to your budget. You can try out the 50/30/20 approach to budgeting.

You might find it hard to meet your budget, but if you discipline yourself and try to manage your finance properly then you can stick to your monthly budget plan.

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Give yourself a spending limit. This would make it easier to spend within your budget.

2. Live a simple and frugal life

You need to live a simple and frugal life. Cut out all the extravagant lifestyle, which only makes you spend on so many unnecessary things that keep eating into your finance.

Spending wisely will help you save more money if you cut out the extravagance from your lifestyle.

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You can also have a piggy bank where you put all your loose change and other money you get saving on things.

This would accumulate to become something substantial which you can put into your emergency savings fund.

3. Grow your emergency savings

You should find ways to grow your emergency savings monthly. Set aside a substantial amount of money every month which you will put into your emergency savings fund.

If you feel you might not remember to save monthly, you can decide to set up an automated saving scheme with the help of your bank.

gboyinwa ajomale