Struggles happen. Unpredicted losses such as unemployment, losing a spouse or an unexpected illness can drain away your savings for retirement or a home. 

How do you start over when an emergency situation arises? 

Here are 3 steps to start rebuilding your savings:

1. Set a budget: Allocate where your money should go and reduce the amount of money you spend. The less you spend, the more you can put back in your savings. 

2. Get rid of debt: Ongoing debt makes it impossible to set money aside. Pay off owed money as soon as possible. If you have a mortgage, refinance.

3. Rebuild your savings: Once you have controlled your debt, start building up an emergency fund that could cover costs for 3-6 months. 

For more details about recovering savings, visit the full blog post here. 

Does anyone have their own successful tips for saving money?

 

 

 

 

 

 

 

 

Ilyce Glink is the author of several books, including 100 Questions Every First-Time Home Buyer Should Ask and Buy, Close, Move In!. She blogs about money and real estate at ThinkGlink.com, The Equifax Personal Finance Blogand CBS Moneywatch She is Chief Content Strategist at RealtyJoin.com, a community for real estate investors.

 
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5 Comments on Starting Over Your Savings Account

AUG
22
653,568 Points 9 Featured Posts Outside Blog Called Shot Master

Too start, probably sell something or have a garage sale to get some initial funds going.
7:36am • #1
3 Featured Posts Outside Blog

Great tips in this economy i think many of us have had to tap all of our resources to get by. Love the blog have a wonderful day. i have been cutting coupons lately and have been saving on average $20.00 to $40.00 whatever i save i put into savings it can add up quick. A penny saved is a dollar earned.
7:45am • #2
114,224 Points

Garage sales and Craigslist ads seem to help too! Thanks for sharing!!
7:45am • #3
1,501,837 Points 355 Featured Posts Localism Sponsor Outside Blog Hit Router Attended Rain Camp Called Shot Master

Ilyce...

Few are saving these days, and it has me a bit worried about the next wave of economic downturns.

Group Featured
10:34am • #4
AUG
28
339,632 Points 5 Featured Posts

Great tips! It's important to remember that every bit DOES help. Those pennies add up to dollars. 
8:59am • #5


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Ilyce Glink

Chicago, IL

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Think Glink Publishing

Office Phone: (847) 242-0550

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