The best advice I've ever taken was not from anyone I know personally. It was actually a guest on the Oprah Winfrey Show back in 2002 who was talking about savings and other financial tips. For some reason, I paid extra close attention to that episode that day. The gentleman was saying that the best thing you can do for yourself is to save the first hour's pay for each working day into your savings account, with the concept called, "Pay yourself first." The first hour of each day belongs to you. If you make $15 dollars an hour, those $15 dollars each day go straight to your savings account after pay day.
If this is something you are lacking, I strongly encourage you to adopt a similar saving strategy that fits best for you. If you can't save the first hour of each day but can only save half of that, then that's a great start (it's better than nothing). You're not alone in not having a savings account, because according to CareerBuilder almost 8 out of 10 Americans in 2017 are living paycheck to paycheck.
One of the best things I do for myself is being able to get things done and not worry about how I'm going to pay for something because I already have an emergency savings plan in place. Take for example about two months ago, when one of my tires popped on the freeway. It was a surprise to me since I had never had that happen to me before. It was an emergency I needed to take care of and I ended up buying new tires for my car. There was no question about it. This was a necessity and I wanted to feel safe while I drive and not having the right tires is not something I want to risk having on my car.
If you're looking for a savings account where you can set it and forget it, Capital One is a great choice. It's easy to use online and on the app. Check it out here: https://captl1.co/2tHipoU.
In the end, I hope that 2018 is a great year for you and your family and friends and it's the start of better financial moves and decisions for you.
Thanks for reading,
Mayra
The first thing I did when I started working my first job was just that. I saved the first hour and kept going. It turns out that saving money and watching your account grow is an accomplishing feeling to have. I learned to save and I have followed what was this gentleman's second tip of: Create an emergency fund. He recommended a 6-month fund to be saved and not touched but I decided to save for a full year. It took me a very long time to save that money but I'm proud to say that if anything happens, I know that I can use the money I have saved to live comfortably for a whole year while I get back on my feet and find a new job or transition to a new career.
If this is something you are lacking, I strongly encourage you to adopt a similar saving strategy that fits best for you. If you can't save the first hour of each day but can only save half of that, then that's a great start (it's better than nothing). You're not alone in not having a savings account, because according to CareerBuilder almost 8 out of 10 Americans in 2017 are living paycheck to paycheck.
One of the best things I do for myself is being able to get things done and not worry about how I'm going to pay for something because I already have an emergency savings plan in place. Take for example about two months ago, when one of my tires popped on the freeway. It was a surprise to me since I had never had that happen to me before. It was an emergency I needed to take care of and I ended up buying new tires for my car. There was no question about it. This was a necessity and I wanted to feel safe while I drive and not having the right tires is not something I want to risk having on my car.
If you're looking for a savings account where you can set it and forget it, Capital One is a great choice. It's easy to use online and on the app. Check it out here: https://captl1.co/2tHipoU.
In the end, I hope that 2018 is a great year for you and your family and friends and it's the start of better financial moves and decisions for you.
Thanks for reading,
Mayra
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