Saving is crucial for everyone. The money you save can go toward retirement, college tuition, buying a home, or any other major purchase later in your life. Of course, there are many other expenses that are often unexpected and can put you in uncomfortable financial situations. With the proper planning, you can have plenty saved up for a rainy day.
Layton Wealth Management offers financial services to help Utah residents reach their financial goals. We work with you to create a personalized savings plan for your finances. Our financial professionals listen to your goals, analyze your financial situation, and offer plans to grow your wealth. Here is a look at saving and why it is key for a rainy day.
Unexpected Financial Concerns
There are a number of surprise expenses that can occur. Things like accidents, health, or layoffs can be concerning if you are not financially prepared. Medical bills and car repairs in emergency situations can be incredibly stressful if you don’t have the means to pay for them. Without the proper payment for car repairs, you could end up having to find alternative modes of transportation.
One of the biggest strains for anyone is losing a job. If it is your main source of income, it can be especially hard if you don’t have any savings. On average, job searches are said to last between 3 and 6 months. If you are on the long end of that average, that’s a half years worth of income. That kind of financial pressure is a lot to handle. So what are some options?
Saving For The Unexpected
Often, these surprise expenses just come. Maybe, you weren’t sure you were going to be out of a job for 3 months. With the proper savings plan, you can have enough padding to get you through in times of need. Your savings plan needs to take into account your lifestyle and what your basic financial needs are.
Once you have an idea of your financial needs in certain situations, you can start setting realistic goals. For example, you want to save for at least 3 months of rent. That way, your housing situation is secure if you were to experience a layoff. You can also keep a bit of padding in the off chance that you need to pay medical or car expenses.
Find Financial Stability With Layton Wealth Management
Layton Wealth Management works with you to improve your financial situation. We will help you create a personalized plan that takes into account your unique financial circumstances and goals. If you would like to start setting your savings goals be sure to schedule a consultation with us today.