With volatile markets, rising inflation, and ongoing changes in the job market, it's more important than ever to build a strong financial foundation. Whether you're just starting your savings journey or looking to strengthen your financial position, having the right strategy is crucial. We spoke with financial expert Monse Moreno of Happy Money, Happy Life to gain insight into how to save and invest for long-term financial security.

Read on for Moreno's expert tips on building your savings, and download our free printable budgeting worksheet to help you get started.

How to Build Your Savings

During uncertain times, I highly recommend individuals focus on the basics and some protective measures. This begins with an emergency fund. There is no rule of thumb here, some financial gurus recommend starting with $1,000 while others say three to six months.

I recommend six months worth if you can do it. To calculate what this number is, make a list of every necessary monthly bill/cost including: housing, food/groceries, utility bills, transportation, insurance, and minimum debt payments. Don’t include lifestyle choices like shopping, eating out, gifts, or travel, as these are not fixed.

Multiply this amount by your goal months and ensure you’ve put this money in a savings account that you can withdraw from easily, but has some interest growth. This will likely take months or years to save up to, but remain dedicated and know that you’ll be more financially secure once you have it.

If the temptation of three to six months worth of money in a savings account is more than you can handle, I recommend making a list of “I will and I won’t use this for” with your spouse or an accountability partner to be clear on what you think is an emergency.

*Download our Free Printable Budgeting Worksheet*

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If you’ve been laid off

If you’ve been laid off or are experiencing reduced hours, you may not be able to focus on creating or growing your emergency fund. But you can use this time to invest in yourself and reflect on your values, lifestyle, and income. Assess what is important to you and what isn’t.

Ask yourself the following questions:

Is it hard to pay the car note? If so, consider selling and buying a reliable used car for cash.
Is your mortgage payment now a greater percent of your paycheck because of the reduction of income? If so, reach out to your bank for relief options or reconsider the benefits of downsizing sometime in the future.
Could you increase your job security or mobility via education? If so, research your options and make a plan to develop your skills.

Use the time to set financial goals, whether that is retirement investments, getting out of debt, a down payment for a home, or creating savings accounts for future travel vacations.

Shift your budget

Shift your budget and move the money you would normally spend on “want” items into an emergency savings account. If you don’t have a dedicated savings account specifically for this purpose, call your bank and ask about opening one.

If your traditional brick and mortar bank charges monthly fees for savings accounts, *run* to an online bank like Ally Bank, HSBC Direct, Discover Bank, or Marcus which pay between 1.5 to 2.05 annual percent yield (the amount of interest the banks pay you).

With these online banks, you can have multiple savings accounts, oftentimes with the ability to nickname the account with its purpose. For context, I have two checking accounts and ten savings accounts and each has its goal in the nickname (“trip to Singapore”, “downpayment for home”, etc).