4 tips to optimize your savings for a better future

You guessed it! Fairwater Investments is now blogging.

1. Pay yourself first!

Taking money from each paycheck and putting it into a separate account before spending it on a new panini press or that awesome designer belt can help set you on the right path to financial freedom. So often, people worry about buying things first and saving money last, which can make it nearly impossible for them to reach their goals.

2. Cut back on subscriptions you don't use

According to WMG, people assume that they spend an average of $80 a month on subscription services. But the actual amount is around $240 a month. Netflix, Tinder Gold, Hulu, Disney+, and other services are great, but you might not need them all. How about that gym membership that you haven't used since you signed up? Do you still need it? Probably not, and if you cancel it now then you'll have the money saved up for the next time you start thinking "new year, new me". (But hey, we don't judge!)

3. Establish a 3 to 6 month emergency fund

Sadly, tough times can happen. Establishing a 3 to 6 month emergency fund is important in order to finance those tough times. Having an emergency fund could stop you from taking on a bunch of credit card debt at high interest rates

4. Live below your means

This ones pretty simple. If you're just getting started in your career you probably don't need that expensive german car just yet! I promise you they make Nissan's that have leather seats and apple car play as well. Just because you're making more money, that doesn't mean you need to find something to spend it on.