A beautiful quote by Benjamin Franklin-
“If you would be wealthy, think of saving as well as getting.”
True, indeed. Money is one of the essentials for a comfortable living. The actual importance can be experienced when you incur a sudden need for money. The emergency saving fund is something that helps you in times of need. Events like flying to meet an elderly person, your car broke; home repair etc. would not be a pain if you’re financially prepared for an emergency. One of the quickest ways to add security to live is by building an emergency saving fund.
Have you heard of the $1,000 emergency fund challenge?
It is very interesting. Let’s fix a number to have focused on your goal. You need to build a $1000 emergency fund and this is the challenge. You can cut down on your expenses or look for investment options to build your emergency fund.
How to get started with the emergency fund?
One of the easiest ways to have an emergency fund in a savings account apart from your regular savings account. You can use this money only for an emergency and the regular savings account for your other financial goals.
Choose a bank that offers the best interest rate and deposit money in this account for every month. You can even fix an amount and add to auto transfer to this account. By regular contribution, you can easily manage your Emergency Fund.
10 Simple and easy money tricks to add to your emergency fund:
#1. Look for part-time jobs
You can easily contribute more towards your emergency fund by opting for a part-time job after work or weekends. You can pick up freelance jobs based on your interest such as write blogs, take tuitions, sell your art, babysitting etc.
#2. Sell your old stuff
Take a tour around your house, you will find many old things such as drawers, bags, toys, jars etc. that are of no use to you anymore. Sell those and earn money. This way you can reduce waste and earn some dollars as well. Sell it online through sites like eBay, Amazon etc.
#3. Trade in your Smartphone
One of the most fashionable electronic devices is Smartphone that people changing like clothes. Any new model in the market and you would switch to it, leaving behind a pile of old phones behind. Pick those up and either trade-in to get some electronic device or grab some dollars.
#4. Gather all books and papers
The value of the paper is also good. You can gather all the used papers; old newspapers, books, magazines etc. and sell these either online or at the concerned shops.
#5. Stop purchasing gifts when you can make one
Most of us spend a huge chunk on gifts. People are busy these days; they can buy you a gift but not their time. Let’s take a New Year resolution to spend money on things of need and not wants. Personalized gifts are loved by anyone as it reminds them that they’re worthy of your time. Show your creative side by making a piece of art, a card or bake a cake. You can even cook their favorite dish and surprise with a house party. You can search on the internet and get many ideas.
#6. Search free entertainment
You can search the upcoming events such as concerts, fairs etc. that are free in your city. Instead of going to a movie and spend so many dollars you can switch to celebration ideas that save your pocket and you try something new.
#7. How about a kitchen or terrace garden
One of the healthy options is to grow your own veggies and it saves money as well. You can grow an herb garden or pick your favorite veggies for your garden.
#8. Purchase in bulk
Sometimes, purchasing one product may be higher than purchasing in bulk, it reduces the total price as well. You can pick stuff like tissues, cleaning liquids; detergents etc. in bulk and store it for long.
#9. Collect all coupons
Search your wallets, pockets etc. if you have any coupons and use it before it gets exhausted Wait for the year-end sales and gets the best deals. Most of the e-commerce sites provide weekly offers like eBay.
#10. Re-evaluate your transportation costs
Use public transport to work and save some fuel. If you need to go to a nearby store then opt for a bike or walk and reduce unnecessary car trips.
Financial security is something we all wish to have in life. You can get financially secured by preparing yourself for any emergency and build an emergency fund. Get started by following the 10 simple mentioned tips to build an emergency fund.