SPOKANE, Wash – With prices for just about everything climbing, many families find their paychecks aren’t keeping pace. Saving for an unexpected expense, such as a car repair or a broken appliance, can feel out of reach. Financial experts say a few steps can help.
Denise Cajigas, vice president of loss mitigation at STCU, said the first step is building an emergency fund. “It can start small and you can always add to it, once you have the ability to do so,” Cajigas said. “But, it’s really just a focus on reducing the need to incur additional debt when something does show up unexpectedly.”
Cajigas said the easiest way to start is to set up an automatic transfer from your checking account to your savings account each month. “You don’t have to remember to do it yourself, and you didn’t have that in your account to take out, it automatically happens,” she said.
Once the emergency fund reaches the level you want, Cajigas said the second step is paying down debt. She recommends starting with the credit card that has the lowest balance, then moving to the next one.
Cajigas also advised households to take a close look at their budgets and make them realistic. “We know that consumer inflation has increased by about 3%, so what we might have spent on groceries last year that we budgeted for probably not the same,” she said.
Review your subscriptions as you analyze your budget. Cancel any you don’t use or need, including ones you may have forgotten about.
If you receive a tax refund or a Christmas bonus in the coming months, plan how to use it. Cajigas recommends covering your monthly obligations first, then splitting the remaining money in half: one half to pay down debt and the other half to savings.
It’s all about giving you financial peace of mind.
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