Save! Save! Save!: If you can't start saving 20% of your monthly net income or 75% of your monthly disposable income right now, then start off with less, and gradually increase the amount. By practicing money-saving techniques, you will find extra money during the month that you didn't even know existed.
Once It's in Savings, Leave It There: A good rule of thumb for us all: Once it goes into your savings account, leave it there. If you make it a habit of withdrawing from your savings for this or that "emergency," then you will have a hard time building up and maintaining an amount in your account to accomplish your long-term financial goals.
When and only when you are ready to complete one of your financial goals, like to pay off your car or mortgage loan, should you withdraw the money from your savings. By following this simple rule of thumb, you should expect to accomplish your goals and at a much faster pace.
Establish a Cash Reserve: A cash reserve is a portion of your income you've saved that you can fall back on if you ever have to. Hopefully, you will never have to, but it is better to have it if you ever need it, than to not have it and really need it. We recommend that you build up and keep a cash reserve that is equivalent to your living expenses for six months. By doing this, you will have several months to regain financial stability in case of a sudden loss of income.
This money should be liquid, meaning easily converted to cash if you need it. In other words, this money should not be saved in a certificate of deposit. Also, the money should be separate from your other savings account(s) that will be used to accomplish your long-term financial goals. In the event of an emergency, your cash reserve should prevent you from having to withdraw money from your savings account(s) specified to accomplish your financial goals.
In addition to continuing maximum contribution toward your savings account(s) to accomplish your long-term financial goals, you can build up and keep this cash reserve by putting a portion, over and above your regular monthly living expenses and the amount you allocate toward saving, in this cash reserve account. By directing some extra money you would normally spend on clothes or entertainment to your reserve, you will have sufficient money to cover you in the event of an emergency. Although you may not have bought a new outfit for the week or month, by establishing a cash reserve, you have purchased something more important: some peace of mind.
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