If you talk to ANY financial guru, they’re going to tell you to build an emergency fund. On DFS we call this margin, which means planning for the unplannable. Things are ALWAYS going to come up, because this is life, and we don’t live in a perfect world. However, we want to give you a kick start on getting your emergency fund together! So, here are our ten tips to help you get on your way!
10. Start Small- If you wait to make more money, you’ll never get there. Even if you can only save $10 each week, that is still money towards your fund that you didn’t have set aside before! Make sure to set aside even a small amount each week, so that it becomes a habit.
9. Have it automatically deducted– Chances are if you have it taken off the top, you won’t miss it!
8. Bankroll your tax refund– IF you get a tax refund, put it in the bank. I know COUNTLESS people who spend this money on trips, paying off Christmas, and other things. However, this is an easy way to bankroll some cash QUICKLY.
7. Set a goal- If you don’t set a goal, you’ll never get to where you didn’t plan to be. Make sure you know exactly how much you earn over 3 months, and use that as your starting number!
6. Kick the habit– Start an new habit to replace an old one. If you are going to quit smoking or eat less, put some of that restaurant or smokes money into the bank instead as a way to reward yourself for quitting!
5. Ask yourself “Do I REALLY need this?” Next time you’re at the store poised to buy something you really don’t need, ask yourself this question. If you don’t need it, put it back, and transfer THAT money into your savings account right away. You’ll be amazed at how much you’ll save in a short period of time!
4. Start now- There is NO TIME like the present. The longer you wait, the less inclined you’ll be able to do it!
3. Start a coin jar- Several times I’ve cashed in our coin jar, totaling over $100!!! It’s a great way to save, because you really don’t miss those loose quarters, dimes, or nickels in the meantime!
2. Take advantage of work offers- If you have a 401K or a Health Savings Account, make sure to take advantage of it. It’s like my coupons, don’t throw away money you didn’t know you had!
1. Coupon, deals, and more coupons– Watch our video, read the pages of this blog, and learn how I’ve shaved $7,000 per year off my family budget. You WON’T go back! 🙂
Read some of our other Finance Articles and learn how to save!
How Couponing Saves Me $7,000 Per Year
Create A Gift Closet & Save Money
Starting a Stockpile Can Save You Money
Three Tips to Rebuilding Your Credit
How to Have the Best Yard Sale Ever
Keeping a Price Book Can Save You Money
Avoid Bank & ATM Fees & Save Money
These are very practical and do-able suggestions. Start now is the most important one! And you are so right about being able to shave money off the budget…we’ve cut our grocery bill in half. Thanks for sharing these!
These are great tips, especially #10. Little amounts will add up.
These are great tips! I always say that an emergency fund isn’t built overnight. It takes time to save a sufficient amount of money, and even $10 a week is a good start!