According to a Bankrate study, only 39 percent of Americans have enough money in their savings account to cover an 1000 dollar emergency. So the other 61%, how can you start racking up those extra dollars in order to save up this summer?
The best way to start is by eliminating these purchases:
1. Duplicates
Spending money on something you already have seems like a no-brainer, but it happens more than you would think. Especially when it comes to groceries, shoppers forget what they have at home, so they buy extras at the store just in case. Even when it comes to clothing, check your closets and pantries before you head out to spend money, and make sure you are only buying the things you really need.
2.Auto Repairs
Not familiar with cars? Don’t hire someone to check out what’s wrong. Try searching the internet for quick fixes to diagnose your car problems yourself, ask a friend to help, or even check out AutoZone, which offers free services such as reading your check engine light, helping install windshield wipers, testing your battery, and checking your alternator starter. Yep, all that for free.
3.Credit Cards
Withdrawing cash allows consumers to see their physical budget, especially when it is running low. By keeping dollars in your wallet, you can better manage your monthly expenses.
4. What to Wait On
The following items are expected to decrease in price over the next few months, so keep your wallet tight until then. Laptop deals peak in July, back-to-school items begin decreasing in price at the beginning of August, and all summer apparel will be on the clearance racks come late August.
So be smart this summer by avoiding these purchases, and keep a little extra in your back pocket for when you really need it.
