More For Your Money - University of Illinois Extension

http://MoreForYourMoney.extension.uiuc.edu

Saving Money

Build a Secure Future

Manage your money well by taking one step at a time. Pay your bills on time and build a good credit record. Also, buy insurance when you need it. For example, if you’re renting an apartment, buy renter’s insurance to protect your possessions.

Once you have done these steps, the next step is to save money. 

Some reasons to save are:

  • Emergencies
  • Holiday or special occasion gifts
  • Household items, like furniture or appliances
  • Car
  • Electronic equipment, such as a computer, TV, IPod or DVD.
  • College for you or your children
  • House

List your reasons for saving money. (Click in white box to edit) 

A good goal is to have three or more months of living expenses in an emergency fund. Examples of emergencies include things like: an unexpected car repair bill; new glasses for your child; and living expenses if you lose your job. An emergency fund can help relieve stress and give peace of mind.

Try to save 10 percent of your paycheck. If you save 10 percent each pay period, it can take up to two years to build an emergency fund. Put your emergency fund into a savings account, so the money will be available when you need it.