Saving Solutions

Save for annual expenses

Year after year, many of us find ourselves with the same financial problems. We know we have to pay house or car insurances and other annual expenses, yet we pretend otherwise until the due date arrives. We then use our credit cards or even seek financing to pay for these unavoidable expenses. You should list and calculate the total of these expenses, divide the total by 12 and save for them monthly so you will have the cash available when the time comes.

Save at least 3 month’s salary In the event of loss of employment, a decision to change jobs, an international financial crisis or any emergency, you still need to pay bills, buy groceries and cover other unavoidable monthly expenses to keep your home running, provide for your children and simply live. Everyone (especially parents, homeowners and renters) should have an account with at least three to six months salary set aside. If you find it difficult to save three month’s salary, you should aim to cover at least three months of expected expenses (loans, rent, bills, etc.)

Save for your major goals 

People become very frustrated when they make a decision to achieve a major milestone but find that they are unable to do so because of lack of funding. If, for example, you’re planning to buy a car or a home, you probably need to have a down payment to qualify for the loan or mortgage. Decide on your next major life event, call us to find out the financial implications, and set up either an Automatic or Forced Savings Plan immediately so you’ll be prepared.