Many people live paycheck to paycheck and have no type of emergency fund to pay for repairs on the car or home appliances. That turns every breakdown into a crisis as they scramble to come up with the money for Air Conditioning Repairs in Harford County MD. Most heating and cooling companies accept credit cards, but that’s not a financially healthy way to handle these expenses.
Building an Emergency Savings Account
A better strategy is to start building emergency savings account specifically intended for these needs. This may seem impossible when every single cent goes out as soon as it comes in. However, financial advisors know how people can gradually and successfully set aside enough money for Air Conditioning Repairs in Harford County MD and other types of repair projects.
Just $1 a Day
Consider that $1 a day equals $365 after a year, and even more in an interest-bearing savings account. There are FDIC-insured banks now providing the opportunity to deposit as little as $1 to start a savings account and to make all deposits online. Some of those banks have compounded daily interest on even the smallest accounts.
Cutting an Expense
Now, how can someone get that $1 a day when the life situation is so financially strapped? They might think of one thing they pay for that costs $1 a day or one expense that costs $30 a month and eliminates that.
Bringing a Little More Money
Cutting an expense doesn’t work for everyone since some people’s discretionary spending is so minimal. The other solution would be to figure out a way to bring in an extra $1 a day or $30 a month. It might be time to start selling unwanted belongings online or to have some garage sales. Several websites offer the chance to complete surveys online for small amounts of money. It’s fairly easy to make $30 a month doing that.
The need for central air service from a company such as Maryland Heating & Air shouldn’t be a crisis. As with vehicle repairs and other appliance breakdowns, these should be expected expenses factored into the budget.