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Weathering a Financial Storm eBook

Redwood Credit Union Millenial Home Buying Guide

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Building an Emergency Fund It's impossible to know how long the current situation will last or how deeply it will affect your personal finances. When in doubt, play it safe. If your budget allows for it, take immediate action to begin building up your emergency fund. ' Start today. The earlier you begin saving, the more you'll benefit from earning dividends. ' Set a goal. Experts typically advise saving enough to cover three to six months' worth of expenses. If this sounds daunting, start with smaller goals first and build from there. ' Be consistent. Even if you have only a few dollars to set aside, the important thing is that you learn to make saving a regular habit. GUIDELINES FOR A GROCERY BILL YOU CAN STOMACH While all nonessential shopping should be put on hold when you're facing a financial crisis, grocery shopping is, of course, an ongoing need. But there may be ways to lower your spending averages during this time when money is tight. Here are some ideas: ' Use what you have. As you think about upcoming meals, check the cupboards and try to plan a few dishes around food items you already have on hand. ' Make a list. Impulse purchases can really add up, and it's especially easy to toss things into a virtual shopping cart when ordering groceries online. Make a list and stick to it. ' Forget brand loyalty. Try out generic brands of your favorite products. You'll often find equal quality at a lower price. ' Buy seasonal. The best-priced fruits and vegetables are those that are in season. (And they often taste the best, too!) ' Look up and down. If you're doing your shopping in person rather than online, keep in mind stores often stock their most expensive items at eye level. Look at the top and bottom rows for cheaper brands. ' Do it yourself. Pre-cut fruit and grated cheese are convenient, but they also come at premium prices. Purchase items whole and do the prep work yourself. ' Clip those coupons. Browsing the grocery store's weekly ad can save you serious cash. Try building your meals around items that are specially priced. ' Love your leftovers. Try not to throw anything out. If you're worried you'll tire of an item before it gets eaten, consider freezing portions of it for reheating at a later time. ' Support local businesses. When you can, try to purchase items from your locally owned grocers. You'll be helping out your community and local economy. ' Choose where to stash your cash. A regular savings account is always a smart option, as you can easily access the funds if needed without any financial penalties. Money market accounts are also a great option, as the money is still liquid but you typically earn a higher return. ' Automate your savings. Use direct deposit or automatic transfers to get money straight into your emergency fund– before you're tempted to spend it.

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