So you found possible reductions in High Interest Loans. Why not consider applying it to a Safety Net Plan Account for peace of mind!

Safety Net

This may sound as obvious, a safety net. Well it is, and can help your financial health and happiness. A safety net is not something many focus on as they have little time or extra funds. So what if you did have enough from Step 3 you could see your way to using as a backup in case of unforeseen events or have a little extra set aside each month for something you want or need.

So just start. Place this amount into a savings account or vault such as a piggy bank. It is really found money. You were paying it to the banks anyway why not use it for something you may really need for emergencies or the future.

Look at the solution in as long term. It could be a year or years plan. Just make the plan and it will be worth it, even if it does not show right away. Even if it is small steps at first.

Using all funds at the end of the month can be very stressful. Setting aside something every month and reducing overall expenses can be a big life changer. It can let you live a more enjoyable less stressful life knowing you have funds if things really go sideways or you have some unexpected event happen including with your friends or family.

Benefits

The biggest benefit is your ability to use this reserve to pay cash instead of high interest options such as credit cards and high interest loans. If you are in this situation without a reserve it can be difficult to decide which of these high interest options you have to take. If you have cash set aside it is a whole different set of decisions.