How to Save Money and Build your Emergency Fund
If you’re like me you’ve been in a constant state of wishing you had more money. Money is so important to me. It’s a security blanket if you will. It’s the way I feed my family. It ensures we have a roof over our head. I’ve made it a life long goal to have money in an emergency fund. I have a partial one started but it’s not fully funded yet. I’ve not made it a priority either. I need to make it a priority. It’s up to me to make sure we have money in case of an emergency. So if I’m not making enough money to put any back then I need to get a side hustle. That means I work the job I have and get an additional job so that I can use that money to put back for the unexpected.
Let’s learn how to save money and build your emergency fund.
Other ways to save money and build your emergency fund.
I love the ideas for saving money monthly. There are so many things you can do. You can utilize your library or the Overdrive app to download books from your library. You can plant a garden to cut down on your grocery budget. You can brew your coffee at home instead of paying $5 a cup for overpriced coffee. This is all from the infographic. What else can you do to save money monthly?
Once you begin making cutbacks you can begin to add that money to your bank account each week. You can do the backward method where you start out putting $52/week in your savings and by the time the year is up you’re putting in just $1. At the end of that year, you have $1378 in savings. Super easy way to do it if you are able. Or you can divide the $1378 by 52 and do a slightly smaller amount each week for the same results. It’s so important to be prepared for any event. You never know when the next medical emergency will be.
It also helps to keep your expenses in line. For instance, our mortgage payment with property taxes and insurance is right at 25% of our take home pay. When you keep your expenses low you are doing yourself a huge favor. It’s so nice to know you can pay the bills should something happen. We also evaluated our expenses to see where we could save. We realized we could live without cable and save $150 month. That’s like getting a raise. It’s amazing what we pay for. Well, we finally reached a point where we decided we weren’t getting that much out of it and we ditched it for good. I’m so glad we did. Any bills you can cut or reduce are a plus to your wallet. Now we can put that money back into our savings. Did you know that if you put $125 a month away for 10 years you’ll have $15000 in your savings account! Let’s make it a point to save! Your mind will be eased when you know the bills will be paid.
Some other ideas to save money are to:
- stop going through the drive through for dinner and make your dinners at home.
- make sure you are drinking water instead of expensive coffees or sodas.
- do your workout at home instead of at the gym. With Youtube there is no reason why you can’t workout at home.
- round up when you do spend. Instead of writing in 23.44 round up to 25 and put the rest in savings each time you spend.
- check that you are getting the best deals on insurance by getting quotes from other companies.
- give yourself a budget for groceries and stick to it. If you only have $300 for groceries then do not spend $301. Only spend what you have!
These are very easy ways to put money back into your emergency fund. In this day and age we need all the help we can get. Inflation is out of control and you have to save where you can.