Who said saving money and building up an emergency fund had to be difficult? It can even be a little bit of fun if you put some thought into it. There are tons of effective and creative ways to build your emergency fund.
Most banks (and credit unions!) have some type of program that allows you to automatically save a certain amount. Others offer programs that round your purchase up and put the change overage in an account. Find out what your bank offers and join the fun. It adds up!
2. Collect aluminum/metals
Taking the time to do this will not only help your emergency fund, it will also help the environment. That is a double win.
3. Have a yard sale
Why not get rid of some clutter while you save money? Yard sales are a great way to purge on occasion and putting the money into an emergency fund is a great motivator. Yard sales are also a ton of fun if you join in as a neighborhood.
4. Cut a particular spending habit
If you are having trouble finding money in your budget for emergency funds, pick out a spending habit you detest. For example, you may have a problem with buying single size drinks rather than larger bottles that are much cheaper. Cut that habit out and every time you get an urge for one, put that money in savings instead. You might be shocked at how much it piles up.
5. Make one coin or bill an auto saver
This is a great way to save money and fairly easy to get used to. Pick out a particular coin or bill that you will save every time you get it back in change. For example, every time you get a dime, it will go into a savings jar. When it gets full, roll them up and add them to your emergency fund. If you can afford it you can do this with five dollar bills too.
6. Cut out a particular bill
Like spending habits, there are some bills that can be avoided. Cable is optional for most people and can be eliminated for an emergency fund. It might not be fun but it sure is effective.
7. Redo your budget
When you are trying to accomplish something like an emergency fund, you need to make sure you have a plan. Budgets are still the best way to create an emergency fund. Try it and you will like it….eventually.
8. Save your coupon savings
Although it is a mental thing, putting back money that you “would have spent anyway” is highly effective. Use coupons and special offers to save cash and then take that savings and deposit it into your savings account.
9. Pick up an extra shift or two
Working a little more is not always possible but if it is, it is still the most efficient way to boost your income. If you can, add a shift or couple of hours to your work schedule for emergency savings only.
10. Save based on a day, month or week
This is a ton of fun and can really be effective if you stick with it. The premise is simple. Pick out daily, weekly or monthly to get started. The most popular choice is weekly. There are 52 weeks in a year and you should put back $1 the first week and $2 the next….right up to $52 during week 52.
What are some of your favorite tips for saving up for your emergency fund? Do you already have your emergency fund saved up? How do you replenish it after you use it? Comment below!