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Here are six ways to get started with your safety net andreach your savings goal according to financial experts.
Set Aside Planned Savings
The first step in establishing a financial safety net is to set aside planned savings.
Determine a specific percentage of your income to save each month and automate the process.
This is a key strategy for creating your financial safety net with the bank you work with.
This can be a good starting point to reward yourself when you hit a savings goal.
Lieberman also encourages that you automate your savings transfers including the money you get from reducing expenses.
Whether its freelancing, tutoring or selling handmade goods, a side gig can help accelerate your savings goals.
Identify a skill or hobby that it’s possible for you to monetize.
Then, research the market demand and potential earnings for your side gig.
It may also help to set up a separate bank account to manage your side gig income.
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