Experts agree that we should all aim to have 3-6 months of living expenses in a savings account for emergency use. By establishing a savings account to cover unexpected expenses, your budget remains intact. Here are some savings tips to get you started:

• It's easy to postpone starting to save for a later day, but a solid plan is key to success. By following some basic guidelines, you're more likely to achieve financial security.
• Pay yourself first- Use automated transfers to get in the habit of saving. Money will be transferred from your account without you seeing it, which makes you less likely to miss it.
• Save 10% of your paycheck - The general rule of thumb is to save about 10% of each paycheck. If that seems too high, try 5% and work your way up to saving 10% of your earnings.
• Know yourself - Examine your goals to determine which savings plan will work best for you. For example, if you're saving for retirement, select a plan that will fit your financial needs down the road.
• Realize that age matters - Always take into consideration how much time you have to save for your goal. If you're young you can take advantage of more high-risk investments. If you're only a few years from retirement, you might not have the time cushion to afford to be too aggressive.
• Benefit from compound interest - The simplest way you can invest your money it to leave it alone and let it "compound" over time. You earn interest not only on what you save, but also on the dividends generated. The earlier and more you save, the more your money will grow.
• Use dollar-cost averaging - This is the process of routinely investing a set amount of money over time, rather than all in one lump sum. It's a convenient savings method, particularly for beginning investors. For example, each month transfer $25 or $50 directly into an investment vehicle such as a traditional IRA, Roth IRA or Wealth Builder account.
• Use the Rule of 72 - To figure out how long it will take for your investment to double with compound interest, use this rule: Divide 72 by the interest rate you expect to receive on an investment. For example, if your investment earns 4% interest, your money will double in 18 years (72 divided by 4 is 18).