Saves Money For Your Rainy Day!

Make Money Smartly To Saves For Your Rainy Day!There will be several occasions in everyone’s life when the need of money is great and the resources are few. It can be hard enough to make ends meet on a decent wage, but, when the times get tough and the money is just not there to meet the need, a person can easily despair!

You can sleep better at night if you have good financial control and a good plan of action whenever an emergency arises that needed some funds.

However, MOST people take things for granted and will only start worrying when they encounter such a situation in life!

There is no real magic formula for coming up with on-the-spot emergency cash BUT if you have been thinking thoroughly and then putting up with a good plan of action, you will really have made it. That is truly all that any one of us can do to secure our tomorrows.

It is my intention to append as many useful Tips below so that it can benefits the visitors here. You are most welcome to contribute your tips via contactme{[add]}williamsiong.com or the comments below!

SAVES MONEY FOR YOUR "RAINY DAY"

IMAGINE ... All of a sudden and without warning, your roof begins to leak! Your hot water heater failed! Your computer goes up in smoke! The clutch of your car needs to be replaced and you need a sum of money for your medical treatment this week.

As you sit, stunned and ponder over an exit strategy ... hopefully you remember visiting this web page and come by to find some clue or solutions for your problem.

Thank goodness, there are things you can still do to restore your financial life and equilibrium—and perhaps even fend off future misfortune—without having to sell your very soul. God Speed To Your Early Recovery!!!


Being Calm is the First Key to Managing a Money Emergency

At even the first hint of a money emergency, it’s important not to act right away. If you do you will inevitably make a mistake! First, before you can manage your finances again, you have to first manage your emotions. You absolutely must regain your balance before you can even begin to make a plan.

If your money emergency demands that you act quickly, think first about seeking the advice of someone you know who handles money well. Whenever possible, think about seeking out the aid of a financially perceptive friend or family member who can help you to look at things with a clearer perspective.

Remember the old adage that “two heads are always better than just one!”


Increase your Cash Flow without Going Further into Debt

• Take on a hobby that you can translate into dollars. Can you walk a neighborhood dog? Teach basket weaving? Host a dining room? Baby-sit for your sister’s kids? Do Computer graphics? Consider which of your talents might be worth a few extra bucks and then go out there and do it.

• Take on a Part-Time Job. The Holidays are soon coming up, and many people supplement their salaries with part-time retail jobs. Just don't spend it on holiday gifts and be sure to bank it into your savings.

• Spend more wisely. We all have our ways of wasting money. See how you can eliminate the ones that you wouldn't miss. Just saving the dollar you would normally spend on that cup of coffee daily do adds up.

• Borrow from a trusted friend or relative. The interest rate is low to nil, the cash availability is quick -- BUT the Guilt is even higher! Be very sure you have a plan on how you are going to pay back the loan even before they approach you!*

*NOTE: Based on personal experiences, this is the time when you will REALLY know who is TRULY your friend or "Guardian Angel"!!!


You can spend your precious time crying in your milk wondering why it had to be you or you can get busy and look at why this could have happened to you in the first place. You will need to face some answers if you want to avoid any future financial crisis.

Ask yourself where you went wrong, where you are not paying attention and how you might be setting yourself up for future financial setbacks.

Understanding the answers to these important questions will prevent you from such setback in future.

To mitigate such a situation, it is advisable for you to set up an emergency fund, just in case. But please remember that they are for … EMERGENCIES. It is not supposed to be use at your whims and fancies.

Look at your past month expenses, and if you have had to lean heavily on your emergency account to pay for your budget, it’s time to rethink your money management issues as soon as possible.

At the same time, be aware of the adage “Penny Wise Pound Foolish!” because sometimes when you try to save money, you will land up spending more.

Have you heard of something like this?

A lady noticed her towels were slightly singed when she took them out the dryer one day. Instead of calling the repair guy, she shrugged it off – until the next load caused her entire house to go up in flames.

We all have such moments in life where we glimpse a potential crisis hovering and do nothing about it until it is too late. Pay attention to smaller details and avoid the larger calamities!

Always plan ahead. E.g. Your car clutch is likely going to give out after every 80,000 miles or so. The roof can give out every 15 to 20 years. A vacuum cleaner might give up the dust in about 5 years. Avoid the obvious and you will pay excessively later. It is your call.

According to Murphy’s Law of Money, things will expire at the worst possible time, just like the computer system. Therefore, start to plan smartly for the inevitable!


START BUILDING YOUR EMERGENCY FUND

Trying to find money during an emergency can be very difficult especially if you did not plan for it. It is wise that you have an emergency fund savings for contingency purposes.

As a rule of thumb, stocking 3 to 6 months of living expenses is a good start!

The purpose for such a saving plan is to put aside some money consistently until it becomes a habit.

The tough part is trying to squeeze out another $10 to $30 each month from your fixed-income. Therefore, if you decide that you need $2,000 in an emergency fund, you got to look at what you can afford to sacrifice each month from your budget and put it aside as if you are paying a bill to yourself.

Decide on your comfortable monthly amount and then put it aside and watch it grow. Once you have reached your goal of $2,000 you would have already adopted the habit of putting aside another $2,000. Isn’t that great?

MOST people often don’t know where they are spending their money but once you learn how to account for every penny, it is a lot easier to decide where you can cut back and start to save.


SAY GOOD-BYE TO CREDIT CARDS

ONE OF THE BEST WAYS TO SAVE MONEY THE FASTEST IS TO CLIP UP ALL OF THOSE EXPENSIVE CREDIT CARDS

Credit cards are perhaps one of the most expensive forms of money. A very good rule of the thumb is,

Unless you pay off your credit card bills each month, DON’T use the cards for anything you can either eat or wear.

Another good rule of thumb is to Consolidate Your Debt! If you have several credit cards, each at different rates of interest, why not fold them into a Home Equity Loan and then write off the interest payments? This is a good way to begin an emergency savings fund.



SOME GOOD SUGGESTIONS FOR BUDGET TRIMMING THAT CAN WORK FOR YOU:


• When Mortgage Rates are especially low – Consider refinancing your mortgage and, while you are at it, your car loans too.

• When you live in an area that has good public transportation, see if you can get by with one car instead of two.

• Make your current car last. With good maintenance, you will be able to replace it every five to seven years instead of every three years.

• Do a periodical energy check on the house. Replace all essentials such as cracked windows and renew the weather stripping.

• Cancel subscriptions to magazines or newspaper that you are not reading.

• Eat Out less often and learn to be creative using leftovers. If you have a habit of stopping for a morning cup of coffee at the Local Deli, learn to make coffee at home.

• Cut back a little on the kid’s weekly allowance. Explain to them that every member of the family needs to contribute to the emergency fund for it to work. This will teach them to be frugal as well as developing a good spending habits!

• Saving money brings many rewards and it becomes easier over time. In the end, your entire family will have peace of mind that comes from knowing you have a financial resource set up and ready to be use when the times becomes toughest. The sacrifice you make now will be realized when you need the most comfort as a family.


PAINLESS WAYS TO FIND MONEY FOR AN EMERGENCY

It is always a good idea to have a little extra money for the lean times because rainy days could be just around the corner. Having a rainy day fund become necessary!

Below are some very clever and painless ways to put aside some money now!

• Put aside a plastic container, cookie tin or anything that can hold money so that at the end of every week, you can throw a couple of dollars into it. By the end of the first month, a sum of emergency cash would have been accumulated. Put it somewhere that you won’t be tempted to dip into it. The idea of doing this is to not spend it or count it! Soon, the money will add up!

• The next time you treat yourself or family to a meal at your favorite restaurant, tip yourself! Just as you go tip the waitress some money, put the same amount aside for yourself. Stash it into your cookie tin the moment you reach home.

• The next time you get a salary raise, instead of using it for your cost of living, bank it! This way you will always be living one raise behind and your bank account grow bit by bit.

• Next time you pay off that big ticket item such as a car or tuition, continue to make the payments to yourself after completion of your commitments. Bank it and watch the amount grow.

• Sign up for a Grocery Shopping Membership. At the bottom of your store receipt, you will see a print out that states how much you save each week. You can easily save an average of $10 or more on each weekly trip. Add that amount to your cookie tin.

• Did you enjoy your tax refund this year? If you did, stash that extra money into your savings account or cookie tin.

• If you are a responsible spender, use the credit card that rewards you for utilizing it. When you pay off the bill every month, you will earn a cash back reward which you can bank it or stash it into your cookie tin.

• Prepare a large mouthed jar at the spot where you place your wallet and coins when you come home every day. Empty those coins from your pockets or clean out those loose notes into the jar. Treat it as an Exchange where you can change from coins to notes or vice versa, you will be surprise at the surplus you have there.

• Do you smoke? Then learn to Quit that nasty habit because cigarettes are really expensive today. Also imagine that you are burning your notes on your mouth on a daily basis. If you are not quite ready to quit then at least cut back by half. Put this savings into your cookie tin and watch it overflow!

• Imagine that your laundry is coin-operated. Keep a jar near the washer and dryer and each time you do your washing, slip a coin or two. This will add up month by month.

• If you are trying to lose weight, reward yourself the cost of the food or item that you can do without each day by putting it into your cookie tin. You will look great and at the same time, saves money for the rainy day!

• Place a jar by the telephone. Everyone must drop in a coin to make a call. All collections will go to the Emergency Fund. This one works!


EVERY DAY WAYS TO SAVES MONEY FOR RAINY DAY

There are plenty of ways to save those precious pennies. Some will require a little sacrifice whilst the others will require a little thought. The point is to be always mindful of saving those extra pennies and before you know it, you will have saved up a tidy sum.

Here are some tips or advices for you:

• Spend less money that you earn Each Week

• Seek out a higher paying job

• Keep upgrading your job skills and be up-to-date so that when a new opportunity comes along, you will be ready and be first in line

• Adjust your lifestyle to always spend a bit less

• If you must use Credit Cards, cut up those that you can do without

• If you must use Credit cards, pay them ALL in full by end of the month

• Figure out a way to lower your Student Loan payments

• Just say NO to spending money (without intention) whenever possible

• Lower your Expenses, one by one

• Stop purchasing items that you can do without

• Refinance your mortgage or debt at a much lower rate

• Refinance your car loan at a much lower interest rate

• Use Coupons for your purchase. Don’t buy without a Discount Coupon.

• Don’t buy an item just because it is on sale

• Buy generic or non-famous brand merchandise as much as possible

• For electronic items, wait for prices to fall to discounted rate before buying

• Reward yourself, once in a while, for saving money. Enjoy as your debt shrinks and your investments grow

• Drive used car instead of buying a brand-new car

• Reduce your Auto Insurance

• Don’t eat as much as you would like to

• If you do eat out, buy gift certificates for half price meals

• Buy only discount magazines

• Do more stay-in activities at home

• Invest the money you save (wisely) to earn even more

• Create a plan to save $200 each month (as much as you can manage). Never miss this monthly saving payment to yourself and always try to find ways to increase the amount

• Don’t spend money just because you have it

• Consider having a better-quality education to increase your self-worth

• By staying busy, you will have less time to think of spending money

• Find an interesting hobby to occupy your time so that it will stop you from spending money

• Find a hobby that you can leverage on to earn money

• Quit Smoking and bank in the savings

• Go on a sensible diet and lose some weight. You will save money on food and clothing. You will look and feel better and your long-term healthcare cost should fall dramatically too

• Learn how to manage your finances by reading financial publications

• Look for ways to increase the amount of money you earn through a second job, promotion, new opportunity, investments etc

• Don’t try to compare or compete with your friends and neighbors. Be satisfied with what you have

• Sell your car and take the public transport if you can. You do not have to worry about parking fines, traffic jams or maintenance all the time

• Buy Health and Dental Insurance before you need it

• Paying off your debt is also a way to save money. It brings you closer to having money for your cookie tin or bank account

• Lower your cable bill by deleting Pay Channels or switch to Satellite, if allowed

• Earn extra money by completing short surveys online


MORE CREATIVE WAYS TO SAVE MONEY!

• Shop for clothing at thrift shops (especially for young kids)

• Put your kids on the school bus rather than driving them to school

• Repair older furniture instead of buying expensive new one. Refinish or repaint them, if possible. Use older or broken furniture to make a unique piece

• Take your meal to work every day! Prepare them in large quantities and then freeze them in smaller containers to save even more money

• Buy a bread maker and make your own bread. This is much cheaper than $2.00 a loaf

• Stop drinking expensive sodas and make your own decaffeinated iced tea instead

• When washing your hair daily, don’t lather twice. Saves on shampoo usage

• Change your eating habits and avoid expensive, processed foods

• Exercise and Eat Right to keep your doctor bills down

• Brush and floss your teeth twice daily to keep your dental bill down

• Have a regular automobile maintenance to avoid costly repair

• Mend your clothing instead of buying new clothes every time

• Buy clothing that does not require dry cleaning

• Take care of your own nails. Avoid spending on manicures

• Simplify your hairstyle – have a hairdo that doesn’t require much maintenance

• Get more than 2 quotes when shopping for items over $100

• Develop self-control and have a simple lifestyle if possible

• Buy inexpensive, non-famous brand cosmetics

• Buy generic baby wipes, diapers and formula milk rather than famous brand items wherever possible

• Look for quality, branded clothing at garage sales in more affluent neighborhoods

• Find fashionable clothing in non-famous departmental stores

• Keep in fashion by finding basic colored tee-shirts and skirts and then add on cheaper but trendy accessories

• Buy baby clothes privately from someone that has a one year older child than yours. You can still find good quality clothing and at a much cheaper price this way

• You can save money by shopping for groceries in the “bulk foods” aisles in your grocery store

• Bulk up your clothing’s during wintertime. You don’t need temperature of above 68 degrees in your house, you can wear warm clothes and socks with slippers while in the house

• Collate those plastic bags you received at the groceries and use them as trash bags

• Some grocery stores rebate 5 cents per bag if you bring your own. Pennies do add up over time

• Breastfeed your children!

• Save money when shopping at the supermarket by remembering to check the lower rung items (nearer to floor level) as they are often much cheaper than those at eye level. Also, resist the temptation to purchase extra items such as magazines and candy bars at the checkout counter

• When you receive gift that you are sure you won’t be using, re-gift it! The next time you need to buy a gift – give away one of your own

• Hand-pick your own fruits and vegetables. They are less expensive and better quality foods.

• The next time you yearn to see a movie, wait to see it on DVD at the video store.

• Quick braking, cornering and accelerating (speeding) will eat your gas up considerably. Never let your fuel needle go below a 1/2 tank, or fill it up when you drive it to “EMPTY”. Nickel and diming your gas tank gets you no where fast.


As the chapters here are getting longer day by day, a decision was made to include other chapters or tips as new pages for this blog. Reason being, there are more readers coming by and having different pages for relevant keywords may boost the ranking of this blog. Hope you will understand about this decision!


Last Updated == 13 April 2017

Kindly look out for new URL Links below! ... If by chance, you are really interested in this topic and have been coming back daily to read them, my only favor to ask is to leave a comment below and also Please Be Patient because more chapters are coming!

Your feedback is greatly appreciated! It also act as a motivation for me to append other useful and different subjects in coming days too!

Click on ANY URL links below to view other chapters of “Saves Money For Your Rainy Day!” They will be available as blog posts but it will be made easier for you to read them below.

(more coming soon…)

 

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