We suggest an ideal amount to shoot for would be three to six months’ worth of living expenses. If you’re able, it would be ideal to put away a year’s worth of savings. Studies show that just 44% of people are prepared to pay for an unexpected $1,000 expense with cash.
One example, take your bundled internet, phone, and cable bill. Ask your provider if there is an opportunity for a better package or rate, or check out other options available in your area. Take the time to see where you’re overspending monthly.
Credit card balances can cost you over 20%. You only need 2 credit cards unless you're a business owner. Look for accumulated rewards and see how you can turn them into extra cash.
A savings account at a local community bank is still the best place to ensure you can access your money when you need it.
If you haven’t used something in a year - sell it! If you haven’t worn a particular outfit in a year, you can unload it on websites such as Poshmark or Decluttr.
You can also sell your skills as a “Side Hustle”. If you have a skill or talent, try to earn extra income to build up that cash reserve. List your service or skill with websites like Fiverr.
Lost or Stolen ATM/Debit Card: 800-500-1044
Telephone Banking: (931) 289-1990
Main Office: (931) 289-5500
Traditions First Bank - Institution NMLS #791806
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