Many learned in 2020 that preparing for the unexpected regarding their finances is a smart move.
Blake Guinn, vice president for retail banking and marketing at 1st National Bank, recommends saving money to keep afloat during 2021 by setting money aside for rainy days or emergencies.
He said it’s a good idea to save the equivalent of three times your monthly income in the event you experience a reduction or a loss of income during the pandemic.
“It’s always good to pay yourself first,” Guinn said. “Make sure that you’re putting some money back for anything you may need, and that’s in the best of times too.”
He said by saving now, you will be prepared for the unexpected later.
“You may never know when you’re going to have an appliance go out, you need the roof repaired on your house or car repairs, but especially right now, it’s a good idea to have that kind of a rainy day fund for when something does happen,” he said.
An easy way to start, he said, is to put $5 a day into a savings account for 30 days.