A strong financial plan includes a well balanced emergency fund. It’s important to stay on track with your goals, whether they involve budgeting, managing your debt, college planning or saving for retirement. Having an emergency fund can make or break or break your budget.
It may be difficult to establish an emergency fund especially if you are saddled with debt. Here’s a list of ways to quickly get you started:
Keep the Change
Each time you use cash to complete a transaction, drop the change into a jar. Easy enough right? By using cash in lieu of debit and credit cards, you will be surprised at how much money accumulates by the end of the month.
Pay Yourself First
Set aside a specified sum of money that you can afford to go without. It’s a classic practice that allows you to get your cut before routine expenses east up all of your earnings.
Have a Yard Sale
We all have items lying around the house collecting dust. Having a yard sale is the perfect opportunity to make a few dollars while freeing up your closet space. Websites such as Craigslist, eBay and Amazon are also good for selling those extra items online.
Get a Side Gig
Do you have a hidden talent? If theres a service that you already provide to others, why not convert it into a money-making opportunity? Although it may be tough to balance another employment however, boosting your emergency funding may be worth the extra effort.
Whether you’re a lawyer, writer or pet-sitter, it is quite possible to generate a substantial amount of income to your emergency fund. To keep the momentum going, create milestones for your savings goals, plus incentives to help you reach them.
What creative ways have you saved money? We want to hear your story! Leave us a comment below.