A Personal Finance Guide

How to Save 5 Thousand Dollars in Six Months

During difficult financial times, it is important to create a sense of security when it comes to our financial health. This means attempting to put away a “Cushion of Cash” in case times get rough. One way to do this is to pay yourself first. When you pay yourself first, you take money off the top of whatever your earnings and make yourself a “bill” that needs to be paid.

Basic money savings for your 5 thousand dollar plan

If you are looking to save five thousand dollars in six months, you should attempt to save $1000.00 a month, or on average, $208.00 a week. Indeed, this is a great deal of money to try and sock away however, this is necessary in order to reach your goal.

Tips to help you reach your five thousand dollar goal

1. Have money automatically deducted from your paycheck.

2. Consider creating an Internet savings account and have money auto withdrawn from your checking

3. Find ways to reduce overall spending, including cutting back on luxuries, such as dining out.

Visit Personal Finance Blogs that keep you motivated

If you have time, try to visit personal finance blogs that are focused on saving money or creating wealth. Once excellent blog is the Fit and Wealthy Blog at: http://www.fitandwealthyblog.com There are many others personal finance websites as well, including MSN Money, Google Finance and the Money section of USA Today. You should also consider personal finance discussion boards where you can chat with others about financial goals for the future.

Saving $5000.00 is not an impossible goal – and financial experts agree that you should have at least 6 – 8 months worth of your expenses put away in an emergency savings account. Why not start your goal today?