By: Barbra Boeta

March was a horrible month for me personally – my car decided to leave me on the side of the road and I lost two beloved family members. Car repairs, funeral and travel expenses just about pushed me to the edge. It’s times like these I realize the importance of having an emergency saving account.
As small business owners, we rarely take the time to put money aside for a rainy day. Mainly because we’re too busy trying to keep up and when we have a little extra we want to reinvest in our businesses. Investing I. Your business is great but you also have to invest in yourselves.
We all know we need a savings, account, and a retirement account. But knowing we need something and actually doing it are two VERY different things.
Here are a couple of my tips to start a personal savings account.

  1. Set a reasonable goal – setting and accomplishing goals is a great way to feel like you are moving forward instead of just going in circles. Example: I want to save $200 over three months. I need to add $30 to my savings every two weeks to reach my goal.
  2. Where to put your money. When I’m putting money in my emergency savings I try to keep it at a different bank than my personal checking. This way I’m less likely to spend it. I believe in the out of sight out of mind theory.
  3. Follow your schedule – if you plan on putting money in your account make sure you do it. But. If something happens that you can’t one week don’t beat yourself up and give up. Get back on track and continue to save.
  4. Once you accomplish that goal set another one. You don’t have to increase the amount you are saving. If you aren’t ready, just continue to save. Your new goal could be in 3 months I want to have a total of $400 in my savings.

Think of putting money in your savings like paying your rent. It’s not an option. Once you get in the habit of adding money to your savings account you won’t even miss the money your saving. And then when you have that emergency, you will have a little extra to help ease your stress.

Good Luck My Friends!