The post How to Save Money for an Emergency Fund appeared first on The Montrose Apartments Blog.
]]>
A key part of any smart financial plan is setting aside money for emergencies. According to the Federal Reserve, close to half of Americans would have a difficult time paying for an emergency in excess of $400 without borrowing money or using credit cards. Starting an emergency fund will provide the money you need to cover expenses related to emergency medical visits, job loss or car repairs.
Start Small
For those on a tight budget, saving hundreds of dollars each month for an emergency may sound infeasible. However, if you automatically withdraw a modest amount from your paycheck, even as little as $25, the fund will grow over time. Place money in high-yield savings accounts to earn interest, but still, have access to funds if an emergency arises. Compare APY rates from online and brick-and-mortar banks to choose the best place to keep your cash. An emergency fund should always be separated from any other bank accounts to avoid dipping into your savings. Cutting back on certain expenses will help you increase the amount you can put into the fund. Examples of things to remove from your budget include coffee shop visits, eating out, smoking and subscription services.
Save Any Extras
To jump-start your emergency fund, you can add any “extra” money you receive into the fund. For instance, you could sell items you no longer need. Set up an online garage sale to clear out your Chicago apartment and transfer any earnings into your emergency fund. If you receive a tax refund, put the money into the account. Any side income you make could go toward an emergency fund too. For instance, if you have a second job or work as a sitter or driver from time to time, use the income for the emergency stash.
Set a Goal
Set a savings goal to reach for your emergency fund and make a pact to leave the money untouched. Ideally, you should have an emergency fund with enough money to cover three to six months of living expenses. For instance, if you become unemployed, you can rely on emergency money to pay any bills while you search for a new job.
Reach your budget goals while living your best life at The Montrose, located in Chicago’s historic Uptown neighborhood. Call today to learn more.
The post How to Save Money for an Emergency Fund appeared first on The Montrose Apartments Blog.
]]>The post 3 Travel Tips for Spring Vacation appeared first on The Montrose Apartments Blog.
]]>
The high cost of travel has many people looking for ways to trim the fat without slicing into their fun and relaxation. Here are some spring travel tips we hope community members on The Montrose in Chicago, Illinois, put to good use.
Book a Room With a Food Amenities
When budgeting for spring travel, it’s important to look beyond the face-value cost of a room. Consider what you will be getting and how that will impact overall travel costs. Refrigerators and microwaves are good examples of upfront costs that can more than pay for themselves. The ability to store food for the duration of your stay reduces the much greater expense of eating every meal out. If you have a microwave, that ups the ante on what you can make in the room.
In many cases, booking a room with a mini kitchen can lower your overall travel expenses and augment relaxation time. Dining out can be enjoyable, but it also involves traveling to and from restaurants, as well as a hefty price tag. Easy to prepare foods can provide a nice alternative and more time poolside.
Book Places With Complimentary Meals and Snacks
There’s generally a great interest in which hotels have the best complimentary foods. If you go on social media, there will be reviews about the quality of continental breakfasts, “manager receptions” and even things like full-buffet dinners. They range from comfort food to homestyle to fine dining in some cases.
When trying to gauge the cost-effectiveness of these convenient meals, check out the online reviews and balance that against the overall cost of the stay. Some hotels highlight food costs by providing an inclusive versus non-inclusive room fee. Do the math on dining in or going out.
Discounts on Hotels and Plane Tickets
Most airlines provide deals in two basic ways. If you book travel far in advance, the rate tends to be considerably lower. So, advanced planning can save you money. More spontaneous travelers discover that unsold airline seats can drop in price at the last minute. These big companies would rather get something than nothing for an underbooked flight.
Hotel prices work in a similar fashion. Advanced booking can be cost-effective. Last-minute stays, not so much. But the other way to save money on rooms is to tap into shoulder-season pricing. For example, just days before Memorial Day, rooms may still be purchased at off-season prices.
The nice thing about shoulder-season travel is that you are experiencing the same nice weather as just a few days ahead. Also, the overwhelming crowds have not begun. Fewer people means shorter restaurant wait times. You may also find that area eateries and gas stations still offer lower “locals” prices. Basically, off-season vacations tend to be less expensive.
We hope our residents enjoy these travel tips. If you or a friend would like more information about our Chicago apartments, call us today.
The post 3 Travel Tips for Spring Vacation appeared first on The Montrose Apartments Blog.
]]>