Vision Credit Education, Inc.

You may have noticed how filling up your car’s gas tank takes about $20-30 less than it did before. This could be a perfect time to increase your savings to prepare for a rainy day.

Gas prices have dropped from over $4 a gallon to below $2 a gallon. On a 12 gallon fill up, that translates to $25 less that you have to spend on gas. If you fill up once a week, that’s over $100 a month in savings.

If you were able to swing it before, consider putting a modest amount into savings on a regular basis. Even if you only put in $30 twice a month, that adds up to $720 a year in savings.

Imagine having this amount as a buffer against unforeseen expenses. You might not even have to use your credit cards when something unexpected occurs!

Automatic Saving

Automate your saving so that you ensure that YOU get paid FIRST. If you get paid on the 15th, then arrange for an automatic deposit into your savings account just after you are paid.

Some employers allow for split deposits, meaning you could have most of your paycheck direct deposited into your checking account, and a few dollars direct deposited into savings. If your employer does not offer this, then you can still set up automatic transfers from your checking to your savings each pay period. You may wish to allow for a day or so in between your deposit and your transfer to ensure that your funds have posted to your checking account.

Automatic savings account deposits allow for you to painlessly save for a rainy day. You can even set it up to begin saving for a down payment on a major purchase.

In the end, take advantage of this opportunity to boost your savings. In this period of economic uncertainty, the more you have saved, the better you can survive the recession.