Hi! I’m Josh Elledge, the Chief Executive Angel of SavingsAngel.com and welcome to the SavingsAngel show! I’m podcasting to you on a warm, bright day in Orlando, Florida! 

I am an extremely busy consumer expert, money-saving advocate, syndicated newspaper columnist, and that guy that helps consultants go from 6-figures to 7-figure rock stars at UpMyInfluence.com if you know someone who sells to business owners. I love what I do and can’t wait to get going on today’s episode.

In order to help you save more, earn more and live more abundantly on today’s show I’ll be covering:

• The Keys to Saving on a Budget
• Boost Your Financial Confidence with Credit Karma
• The Importance of a Rainy Day Fund

LINKS FROM THE PODCAST:

creditkarma.com/savingsangel 

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The Keys to Saving on a Budget

Saving can be difficult for anyone, but it's a vital practice for everyone. There isn't a single person that wouldn't benefit from having some money in savings. Let's discuss some ways you can still save, even when you're living on a tight budget.

Treat It Like a Bill

Most of us make sure the bills are paid before anything else; we make sure to pay rent, utilities, and our car payments before we stick anything into savings. This is counterintuitive and usually leads to zero dollars being allocated towards savings. Let's reframe a bit here… Treat your monthly savings goal like a bill. In fact, set up a direct deposit from your account on or around payday so you never even see that money in your checking account. That money will be set aside for you and never be in your checking account in the first place to potentially tempt you into spending it. 

Live Within Your Means 

This seems pretty simple and obvious, but this is an area where many people struggle. You have to live within or below your means to really save. This doesn't mean ramen and hot dogs every week, it just means to spend less on the ‘wants' and to save pennies where you can. There is absolutely nothing shameful or lesser in using coupons and shopping with savings in mind. No matter your income bracket, why spend more on something than you need to? Having the income to do so is really not a good enough reason not to save where you can. 

Don't Waste Your Money 

Even if you can afford to spend money on extras and pay more than what you need to for necessities, how much of that could have been saved into an emergency fund or dropped into a high-yield savings account? Those dollars add up each and every year. Don't waste your money paying more when you could save, it's as simple as that. All this requires is a tiny bit more effort; shop at stores that save you money, use coupons and savings apps, look out for deals, and plan your shopping trips.

Yes, it takes up a bit more time each week, but you end up with more cash in your pocket which means you have more to stick into savings.

No matter your financial situation, you absolutely can save. It just requires a bit of discipline, some planning ahead, and the desire on your part to better your financial situation. 

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Boost Your Financial Confidence with Credit Karma

Let’s discuss financial health and planning for the future. No matter what stage of life you’re in, it’s important to plan for the future. I know how stressful it can be to think about credit cards, credit scores, and personal loans. The research and processes involved are overwhelming. Don’t worry though — there are tools out there designed with your financial wellbeing and goals in mind. With Credit Karma, you can be ready for anything.

Credit Karma’s game-changing processes will give you peace of mind as you plan the future of your finances. Credit Karma offers custom-curated offers for credit cards and personal loans that you’re more likely to be approved for so you can apply with more confidence and less anxiety than ever before.

They use your credit and other financial information to find you custom recommendations so you always know what options are out there for you. Whether you want cashback, travel rewards, or to consolidate debt, Credit Karma can help you find the offers that fit your financial needs and aspirations.

I myself used Credit Karma recently to choose a new credit card that maximizes my cashback opportunities. When I looked into applying for a new credit card, Credit Karma took my credit, financial information, and the needs I had in mind for my new credit card. Credit Karma offered me a tailored list of the best options for me based on my goals. Applying for a credit card that fits my needs and means has genuinely never been easier, and the confidence I got from using Credit Karma was a massive stress-reliever. I highly suggest trying it out for yourself. Credit Karma offered me a new sense of clarity and ease of mind in applying for things like loans and credit cards. 

With a selection of options and approval odds, you have the power to make informed decisions about your financial health. Credit Karma allows you to apply with confidence.

Go to creditkarma.com/savingsangel to learn more and find offers tailored just for you. That’s creditkarma.com/savingsangel, or you can see your offers on the Credit Karma app. Apply with confidence today. 

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The Importance of a Rainy Day Fund

We've talked a lot about the importance of setting aside money in savings and an emergency fund. You're probably thinking that rainy day funds and emergency funds are the same things. In truth, these savings funds have some key differences between them that highlight the importance of having both. Let’s discuss those differences and why you should have separate funds for each. 

What are the Differences?

The key differences between a rainy day fund and an emergency fund lie in how much is needed in each and what they are used for. An emergency fund should have around 6 months' worth of expenses saved in it so that in times of financial hardship, you have some time where your expenses are paid for before you run out of funds. A rainy day fund is a bit smaller and is meant to be used for incidentals such as a car repair, emergency room trip, and more. It shouldn't be massive and you should always put more into your emergency fund. That being said, a rainy day fund is invaluable, especially since you want to avoid pulling from your emergency fund when incidentals do arise. 

How Much Should You Set Aside?

There are no hard and fast rules for rainy day funds, however, a couple of thousand dollars is a good goal to reach regarding the size of your rainy day fund. Set aside a small amount every month that you can put into your rainy day fund and make sure you're still putting money into your emergency fund.

Building out your rainy day fund can take time, especially if incidentals arise as you are doing so. Don’t let these instances discourage you; that’s what a rainy day fund is for!

How To Build on Your Rainy Day Fund 

As I said, always put what you can into the fund each month. When the time comes where you need to use it, spend what you must for your incidental by pulling from your rainy day fund. After that, the next time you go to add to it, consider adding a bit more than usual to more quickly recoup what you spent from savings. It still may take a few months to totally make up for that expenditure, but the more quickly you recover your rainy day fund, the better off you'll be. 

While an emergency fund is vital and important, rainy day funds often go overlooked and not talked about as much. If you want to maintain your emergency fund and not deplete it when you have no other choice, establish a rainy day fund. It protects your budget and your emergency fund from expensive incidentals.