Thanks for participating in the Building Savings: Ready for the Road Ahead workshop!

You never really appreciate how important building an adequate savings can be until you face a sudden emergency.  Having the right amount of funds saved up can be the difference between a short-term setback and a long-term financial crisis.

Savings should be the cornerstone of your financial plan.  The following articles, videos and tools will help you understand how to build savings in order to reach your goals and weather unexpected hardships. 

Building Savings

There are many reasons to start saving and no one right way to make that happen. Consider your circumstances, your goals and your budget before creating a savings strategy.

Read: Divorce, Debt and Finances for advice on how to reassess your finances, post-divorce.

Read: Just For You: Suddenly Single for more detailed instructions on the steps you need to take after a joint financial situation becomes an independent financial situation.

Read: Just For You: Newlyweds to see the pros and cons of combining your finances or keeping them separate.

Read: Just For You: Parents for tips on how to start saving for your son or daughter’s wedding.

Financial Emergencies 

You can never be completely prepared for an emergency, but the more prepared you are, the less painful you’ll find that emergency is to navigate.

Read: Establish an Emergency Savings Account for the basics on opening and building an adequate emergency savings account.

Read: Surviving a Personal Financial Setback or Hardship for five important questions you need to ask when facing an unexpected financial challenge.

Read: How to: Rebuild Your Personal Savings Account to see how to reestablish your savings after experiencing a financial emergency.

Read: How To: Recover From a Personal Financial Setback for a simple plan to restore your financial outlook on the heels of an unexpected setback.

Savings Strategies

There are a lot of different ways to save money, so don’t get caught up in thinking that you can’t start saving until you’ve suddenly come across a windfall of extra cash. Start small and save every day and you’ll start to see the cushion build.

Download: the Monthly Expense Tracker worksheet to help identify areas where you can start cutting back.

Download: the Step Down Spending worksheet for further practice in reducing your expenses.

Read: Comparison Shopping for tips on the most important items to shop around for.

Read: Going for groceries without going broke to see the most essential rules for keeping your pantry and your wallet stocked.

Read: Frugal back-to-school shopping tips for the lowdown on managing the expenses associated with your children heading back to class this fall.

Read: Inexpensive summer activities for kids for some great ideas on how to keep your children occupied this summer without going over budget.

Read: How to throw a party for less than $50 before you throw your next bash.

Read: Lunch: Theirs vs. Mine for some thoughts on the value of pre-prepared meals versus homemade.

Start the Savings Habit

Even a small amount of savings adds up over time. The most important step is the first one, so if you haven’t already, start saving today!

Read: How To: Choose and Open a Personal Savings Account for all the points you should consider before opening a savings account.

Read: Five Things You Need to Know About Personal Savings for the five most important questions you need to ask yourself about your savings plan.

Read: Glossary of Personal Savings Terms for the definition of a few crucial savings terms.

Remember, MMI is here to help

If you've assessed your financial plan and find you need assistance achieving your financial goals, MMI's certified counselors are here to help. Take the next step toward financial freedom today and schedule a free counseling session: Fill out a counseling form online or call 866.515.2227.

Interested in learning more about debt repayment? Listen to successful MMI clients, Sharon and Craig, as they share their stories about overcoming debt and achieving financial freedom.