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7 Easy Ways to Build an Emergency Fund

By IW Team Member 28 Comments

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Do you have money set aside for a rainy day? Many people wish they did, but simply don’t. You may feel like you don’t make enough money to save any away or maybe you just don’t know how to get started. If saving for an emergency is something you have always wanted to do, then take a look below at 7 easy ways to build an emergency fund so you too can enjoy the peace of mind of having a financial cushion. Here is how you can get started.

financial tips

1. Start small.

Remember that small amounts eventually add up to something big. Start by trying to set aside 5% of your weekly paycheck. This may not seem like much at first, but over time it will add up into something substantial! You can also increase this percentage as you become comfortable.

2. See what you can sacrifice.

Can you give up that muffin and coffee you stop for each morning? Or the soda you grab from the gas station each afternoon? While you may not want to give these items up forever, can you do it for a few weeks? Once a week? See what you can sacrifice and put the savings into your emergency fund. You might be inspired to give up more once you see it add up!

3. Invite a friend to save with you.

Do you feel like doing things with a partner can make it more bearable? If so, bring a friend in on the action. Invite a friend who is in the same boat to try building an emergency fund too. You can compare tips, strategies, and continue to motivate and support each other.

4. Invite your family to help.

Building an emergency fund can be a family activity that everyone partakes in. When building your emergency fund, there is nothing wrong with letting your family know so spending can be done minimally. Let them know that an emergency fund is for the betterment of the whole family and will benefit everyone if it is ever needed.

5. Snip those coupons.

Try applying coupons to your weekly grocery bill. Take the savings and place it in your emergency fund. Even if it is just $10 a week that you save, that adds up over the course of a few months! Challenge yourself to use more coupons each week and increase your savings.

6. Sell what you no longer use.

Now is the time to sell clothing, electronics, and furniture you no longer need. Sell these items in a yard sale, online, or to consignment shops. Take the money that you make on these sales and add them to your emergency fund. It is a quick and easy way to give it a boost.

7. Go on a spending fast.

Try not to spend any money for 24 hours to one week. See if during this spending fast if you can put a little extra in your emergency savings. The next time you fast, see if you can stretch it an additional day or two.

Building an emergency fund may seem like a challenge, but the truth is it can be done. Give these tips your consideration and see if you can get a jump on the emergency fund you deserve.

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Filed Under: Financial, Lifestyle Tagged With: emergency fund, Financial, financial cushion, financial tips

Comments

  1. Robin Rue (@massholemommy) says

    February 15, 2016 at 6:26 am

    These are great tips. We have a pretty solid emergency fund already and add to it regularly.

    Reply
  2. Annemarie LeBlanc says

    February 15, 2016 at 8:38 am

    Having an emergency fund is a must. I learned this the hard way. Now that I am old and wiser, I never let a day pass without adding a few dollars to that fund. Thanks for these tips. I did the “see what you can sacrifice” tip before. It does help a lot!

    Reply
  3. Liz Mays says

    February 15, 2016 at 9:04 am

    These are really helpful ideas. It’s so important to start building an emergency fund these days. I have a lot of furniture in storage I should probably have a sale for.

    Reply
  4. Pam says

    February 15, 2016 at 11:11 am

    We always try to sell things we no longer use. It really helps have some extra cash!

    Reply
  5. Heather says

    February 15, 2016 at 12:16 pm

    It is crazy how fast the bills add up. I would like to pare down so we can save more.

    Reply
  6. Jess Benoit says

    February 15, 2016 at 2:21 pm

    You have some really great tips for saving money. My hubs likes to save his $1 bills and change in his drawer then we use that for ‘extras’ as well as emergency situations. It really does add up fast and last year we dipped into it a few times when little emergencies came up.

    Reply
  7. Chelley @ A is For Adelaide says

    February 15, 2016 at 2:41 pm

    These are great tips to start saving. I really need to work on having an emergency fund for our family.

    Reply
  8. Miles L. says

    February 15, 2016 at 5:32 pm

    Life is really unpredictable. I strongly believe that we must have emergency fund. Thanks for these tips and reminder.

    Reply
  9. OurFamilyWorld says

    February 15, 2016 at 6:36 pm

    An emergency fund is a must for every family. I make sure to add even a small amount to our funds every month.

    Reply
  10. Amanda Love says

    February 15, 2016 at 6:43 pm

    I love these tips. I learned a long time ago to have an emergency fund. When you’re a homeowner, even with homeowners warranty or homeowners insurance, things can go wrong and you have to have that money to take care of it. So I make sure to always have one. I would love to have more in it though and will try that spending fast. 🙂

    Reply
  11. Jennifer Williams says

    February 15, 2016 at 8:46 pm

    Sometimes it is hard to save for the rainy days, especially when on a tight budget. I used to clip lots of coupons in order to save – seemed that every time I saved the car would break – go figure!

    Reply
  12. Ann Bacciaglia says

    February 16, 2016 at 10:17 am

    It is so important to have an emergency fund. I love to use coupons whenever i can. If you price match and use a coupon you can save even more.

    Reply
  13. Sara Zielinski says

    February 16, 2016 at 10:55 am

    Building an emergency fund is extremely important, don’t forget about it.

    Reply
  14. Brianna L. George (@BriannaLGeorge) says

    February 16, 2016 at 2:49 pm

    My husband lost his job in July. Our emergency fund is now gone. :/ But better days will come and we will rebuild it again slowly.

    Reply
  15. Terri Irvin says

    February 16, 2016 at 8:40 pm

    I live in earthquake country and I always am thinking about emergency supplies for my family and the what ifs… Thanks for some good ideas.

    Reply
  16. Tami says

    February 16, 2016 at 9:10 pm

    We are working on reducing our expenses to eliminate my job.Unexpected expenses came up as a possible future issue. This will help us prepare for that.

    Reply
  17. Neely (@Neelykins) says

    February 18, 2016 at 1:26 pm

    these are great tips. I am a huge minimalist or at least in phases so I sell stuff we aren’t needing a lot

    Reply
  18. Laura says

    February 22, 2016 at 6:43 pm

    We definitely need to start an emergency fund to have on hand just incase. Hopefully we’ll have the chance to once we pay off these student loans…

    Reply
  19. Deb says

    February 25, 2016 at 6:31 am

    You feel so less anxious with the cushion. A friend’s 20-something daughter decided last year to save to her piggy bank EVERY day, putting $1 bills and all change into her bank at end of day. She only paid in cash for everything & never used her change. By end of 2015, she took ~$3,000 to deposit into her savings. She’s doing same this year. Very proud of her.

    Reply
  20. barb g. says

    February 26, 2016 at 2:11 pm

    This is a well thought out and focused plan to follow. I would also add that a family make an Emergency Shelter type of boxed goods. Like a blanket, flashlights, emergency canned food items. Have it all together.

    Reply
  21. Louanne Baelde says

    February 29, 2016 at 8:58 am

    Loved reading the tips, especially the one about making a sacrifice! One small change every day can add up substantially over a period of time. Thank you for sharing!

    Reply
  22. Sarah L says

    February 29, 2016 at 10:56 pm

    I save every month into my savings account. I never even see it.

    Reply
  23. Sue M. says

    March 6, 2016 at 8:56 am

    It’s definitely important to have an emergency fund set up, I usually try to set aside some money for that. These are great tips, thanks for posting!

    Reply
  24. Francine Anchondo says

    March 6, 2016 at 10:54 am

    Thank you for these great tips to save. It is always nice to have a emergency fund.

    Reply
  25. Jennifer Hiles says

    March 10, 2016 at 8:52 am

    Some very good tips. I only get paid once a month so I’m having difficulty with that. I feel like I’m living paycheck to paycheck. Luckily, I made it so that all my bills are due the day after I get paid so they are always taken care of.

    Reply
  26. Edye says

    March 14, 2016 at 12:46 pm

    Great tips! Everyone needs to try and have some form of an emergency fund 🙂

    Reply
  27. Cathy French says

    April 14, 2016 at 8:10 am

    I set a bit aside when I was working but now that I’m not there is no way I can save. Just don’t get enough anymore.

    Reply
  28. stephanie says

    May 28, 2016 at 12:48 pm

    Great post. My husband and I have been working on our emergency fund and will take all the tips we can get!

    Reply

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