Nest Egg Depleted? 12 Expert Tips For Rebuilding
September 16, 2020 by Expert Panel
The pandemic has brought uncertainty to the national economy and has impacted household budgets. In addition to a volatile market, many have faced reduced work hours and work stoppages—forcing individuals and families to dip into their savings to stay afloat. Households need to rebuild their emergency savings if they’re to be ready for potential future downturns.
Saving when conditions are still uncertain requires careful planning and smart strategies. Below, 13 members of Forbes Finance Council share expert tips for shoring up a depleted nest egg.
3. Start small, but start now.
Don’t wait to replenish your savings—start now. It doesn’t have to be big changes. Round up to the dollar on your expenses, and put the change in a savings account. Ask yourself what expenses you could live without (that daily latte?), and instead take the money you would have spent on them and save it. Refinance your home, and put the difference between your old and new payments away for retirement. – Sheryl J. Moore, Wink, Inc.