Video: How to Save Money

Learn how to save money for emergency expenses in this free video clip on personal finance.

Video Transcript

I'm going to show you how to balance your checkbook and as a result become a better manager of household finances. An important element in your budget is saving or a rainy day. This should be in a different account where you can save money for unexpected expenses. There will be expenses that you just simply didn't budget for, there will be emergencies that come up that you don't have the money to cover. Having a separate saving account for unexpected expenses is a crucial key to making your budget work. You can't anticipate everything that will happen in the future and an emergency repair shouldn't have to result in a financial crises. Try to save at five to ten percent of your paycheck into your emergency account, then again get together with the people who helped you set up your budget and come up with a list of things that you define as an emergencies for your household. There will be reasons that you need to take money out of the account and agree on with those reasons will be. Other families have agreed on some things like car breakdowns and medical emergencies to start their list of potential emergencies that they are saving for. The key to running a household finances is to have a plan and agree on the plan. By having a plan for your finances you're well on your way to being a good manager of household finances.

How to Save Money

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