Building Blocks: Don’t have any money saved, why worry?

If you’re like the majority of people, you don’t have very much money in a savings account or an emergency fund, just in case that rainy day becomes a reality.

Nearly half of the population have zero dollars in a savings account, and instead live from paycheck to paycheck with a budget that it obviously broken. That simply means you’re making less than you spend or dead even with those two line items, meaning you aren’t able to save due to your higher end of living or the fact that you don’t recognize that your income isn’t what it needs to be.

But if you don’t have money saved, you shouldn’t worry.

Instead, you start thinking and planning accordingly, and that includes not only reworking your budget but being able to set a goal that is reasonable as far as how much money you want to save in, let’s say, one year.

There’s no reason you can’t have a few thousand dollars put aside in that time period, no matter how ludicrous you think that number or time frame sounds at the moment.

It may sound odd but a lot of individuals have found a means to save money that have little to do with eliminating expenses, although that should be priority number one. You can’t save what you don’t have, so anything that you aren’t using (obviously) or don’t need truthfully, you can eliminate with little or no hesitation.

Things like clothing (excessively buying, that is), cable television, cell phone plans, home security premiums or spa visits are just a few of the things that can be cut from your budget.

But what about doing a few other things that will help you save as well.

You can save money by meal prepping and being smarter with how you spend at the grocery store, thus eliminating the need to eat out at restaurants.

When you put together a budget, make sure you pay yourself at least 3 percent of what you make, at minimum. Also, if you get a raise on a yearly basis or any sort of bonus, make sure you lose it.

And by “lose it,” that simply means that you should forget it even existed and just put it in a savings account right away. Some who aren’t so adept at money managing want to immediately buying something or take a trip because the “earned” that money and want to do something fun with it.

Nothing is fun about having to borrow money or go into debt if your roof springs a leak or your car quits working, so that money is better served in reserve.

A few simple tricks will be the treat you need to save money and do so in a reasonable amount of time as long as planning and patience take hold of your financial decision making.