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You’ve heard about saving for the long-term before, right? Of course, you have. This is saving money towards things like a house or your retirement. This requires careful planning and is important because it helps you with those life-long goals you have.
But did you know you can also save for the short-term? This is putting a little money aside to cover those immediate expenses that always seem to come up unexpectedly. Maybe you want to take a little break and do something fun out of town. Or maybe you want to treat your significant other to a nice dinner. If you save for the short-term you can afford these things without complicating your bigger, long-term goals. There doesn’t have to be a trade-off. When you plan for both you are prepared for anything.
Short-term saving is possible if you put aside a little extra money every paycheck. Think about it this way, if every week you saved $20 you would save $1,040 in just one year. That’s a lot of money! That $20 can be the extra-large coffee or the fast-food you sometimes get. With that put aside, you can afford to your short-term goals.
These are just a few ideas. There are many ways to save but the important thing is to start today.
Did you know that almost 46% of Americans cannot afford a $400 emergency? It is possible that you too might not have enough saved to cover your car breaking down, a medical issue, or an unexpected bill. This is why saving a little extra money is so important.
Your short-term fund can be used to cover these expenses. This way you don’t have to dip into your long-term savings. Saving money can be tough but once you start it will get easier. Check out our other blog posts to learn about ways to improve your finances.
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