The 3 Ways to Save More

Key Takeaways

  • Save first, spend second.
  • You can’t start a good saving plan (or habit) until you’ve established a budget.
  • Increase your income, reduce your expenses and control your emotions—wait 48 hours before pulling the trigger on a major purchase and don’t fall into the FOMO trap.

Your “3 Part” Rainy Day Fund

Key Takeaways

  • Make sure you always have three to six months’ worth of expenses saved in a rainy day fund that you can easily tap.
  • There are three aspects of a rainy day fund: objective, subjective and emotional.
  • A rainy day fund will enable you to weather the financial and emotional impact of a sudden job loss, medical emergency or unexpected major repair.

5 Money Psyche Tips

Key Takeaways

  • Feeling like you’ve lost control of your finances can derail many aspects of life.
  • Planning ahead for large expenditures, staggering your payment schedules and diligently maintaining a minimum balance in your bank account can give you a tremendous leg up.
  • When it comes to your money, always try to stay calm, collected and in control. I have five rules to help.