“I can’t save for an emergency fund on this salary.”
You can, as long as you make it a priority. “Oftentimes we think that we have to set aside huge sums of money to save, but that’s not true,” says Blaylock. “Even if you set up an automatic transfer of a small amount, like $50 a month, to a savings account, at the end of the year, that’s $600.”
Many people think of spending as addictive, but Blaylock says that saving can be equally addictive. “When you look at your growing balance, you’ll feel rewarded. Momentum builds. You’ll want to keep feeling rewarded, so you’ll be motivated to look for even more ways to save,” he says.