Financial setbacks can happen to almost anyone, and the pandemic has impacted many financial plans. Every dollar you set aside can matter. Think about saving again as you get your financial footing back.
Here are some tips to help you start replenishing your savings:
1. Set a budget and reduce your expenses
Save as much as you’re comfortable with. Every dollar counts. Set a firm budget and see what you can to do lower your expenses.
2. Prioritize your savings
Begin to build – or rebuild – your emergency savings. Consider keeping your savings in an interest-bearing account.
3. Contribute to a 401(k) or IRA
If you aren’t contributing to a 401(k) or IRA, do so immediately. Most employers provide a match that can significantly increase your savings.