Jack Howley Shares Six Tips for People Who Want to Increase their Savings and Investments

1. Automate Savings and Investments

One of the best ways to save more is by automating the process. It is possible to deduct money from your checking account every month and put it directly into savings or investments. Once you have become accustomed to the money leaving your account each month, you won’t miss it. Automating your savings and investment habits means that you won’t be tempted to spend this money each month but will instead put it productively toward your future.

2. Make a Monthly Budget

Most people keep track of their checking and credit card statements, but they are still unsure how much they spend each month. It is a good idea to sit down and lay out your monthly budget, analyzing your needs, wants, and other expenses.

3. Build an Emergency Fund

Everyone should have an emergency savings fund to cover unpredictable expenses. It is recommended that most people build an emergency fund of up to six months’ pay. This amount can be discouraging for younger people and those living on a tight budget with a high amount of debt, but starting small is better than having nothing in this account.

4. Pay Off High-Interest Debt

One of the factors that get in the way of many Americans’ savings habits is the presence of high-interest debt. When only paying the monthly minimum, you may be putting all of your money into interest and none into the capital you borrowed from the bank.

5. Know Where to Invest

There are many good investment vehicles for beginners. After you have contributed enough to your 401(k) work to receive full matching from your employer, it may be a good idea to branch out past it. Perhaps one of the easiest to get into is the mutual fund. Index funds track the overall performance of the market. Investing in an index fund is easier than choosing individual stocks and requires less monitoring of the market.

6. Make Sure You Are Fully Insured

One of the best ways to ensure your future financial health is to make sure you have good insurance policies. Home, life, health, and auto insurance policies should have generous limits and as low a deductible as possible within your budget. Life insurance can help your survivors pay off your debts after you are gone and ensure that your family is supported, especially if you have young children at home.

Understanding How to Maximize Savings and Investments

When you follow these six tips from Jack Howley, you may find that it is easier to maximize your savings and investments. Jack Howley believes that everyone should carefully look at their monthly budget and see whether they have savings or investment opportunities.

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Jack Howley

Jack Howley

Entrepreneur and expert in assisting corporations and individuals in meeting their wealth creation and protection objectives. Located in Rumson, New Jersey.