TALLAHASSEE, Fla. (WTXL) — October 12 is National Savings Day and during these uncertain times, every penny counts.
According to a recent survey from Topcashback.com, 30 percent of Americans have been putting away a little extra over the last six months.
Saving automatically is one way to reach your goals. Putting away $25 a week adds up to $1,300 dollars a year.
Having a budget and sticking to it also key.
“The 50/20/30 rule really does touch on all facets of your finances,” said consumer expert Rebecca Gramuglia. “It means to spend up to 50 percent of your after-tax income on any essentials such as housing and food. Up to 20 percent on any debts on savings and up to 30 percent on any lifestyle choices. That includes splurges or any other expenses you may have."
Gramuglia says one way to help start building that up is by using the next stimulus check.
“Even if you come into money even, if it’s a bonus at work, maybe a gift or anything in-between," said Gramuglia. "Before you want to spend it and treat yourself, which is totally fine, but if you are really looking to build your savings, see if you can take a portion of that or even all of it and put it away.”
She also suggests having three months of expenses tucked away for emergency savings.