Davinci Virtual

With the economy in turmoil, and an increasing number of corporations cutting back, the unemployment rate keeps on rising.  Do you have a plan in place should the cutbacks affect you?  The reality is, one of people’s biggest problems today, is that they are saving less and less, leaving many vulnerable and economically unprepared.

The first step in becoming economically sound, is to start saving today.  If you do not have a minimum of three month’s living expenses stocked away into savings account, this is where you need to begin.  There are many different ways to start to save, here are a few tips to help you begin:

1.) Every month, separate your income into three categories: Expenses, Paying off debt, and Savings.  Once your expenses are paid, spend 40% of the remaining income on paying off your credit cards and other debt, and place the remaining 60% in to a savings account.

2.) Once your credit cards are payed down, stop using them!  Pay with cash, check or debit card to keep the interest monster at bay.

3.) Save money while you are with your friends by changing that night out on the town, to a fun night in, where everyone brings something to share.

4.) Have your paycheck automatically pull out a percentage for your 401k.

5.) When making large purchases, research the options thoroughly to seek out the best price.

6.) Get out there and network!  Building your own network has obvious career benefits, so don’t let opportunity pass you by, get your name out there.

Hopefully these tips will help you to start to save your way to a successful future.