Creating an emergency fund is something everyone should do. You just never know when the unexpected might happen and having a little extra cushion in your bank account will be a saving grace. Think about it, you really don’t want to have to drive your sudsy laundry to the laundry mat if your washing machine breaks, do you? Well, if you don’t have an emergency fund, you just might have to.
Creating an emergency fund just takes a little extra planning, and it can really pay off down the road. Consider these easy ways to save for your emergency fund:
- Sell something. Do you have an old stereo sitting around you never listen to? How about an old video camera you haven’t picked up in years? You could probably find at least a few things in your home to sell. You could use the money from the items you sold to add to your emergency fund.
- Skip going out to eat. The average American spends $232 each month eating outside their home. You could cut your monthly restaurant bill in half and be well on your way to a nice emergency fund!
- Ask for money for birthdays and holidays. If you’re going to get gifts anyway (and let’s be honest, you don’t need another pair of socks from grandma), you might as well ask for money to add to your emergency fund.
- Pick up a side gig. Your side gig doesn’t have to be working retail during busy season. You could work a few weekend nights for a driving service and have a nice chunk of change to add to your emergency savings!
- Start saving your change. You know the drill … you go through the drive through, get a $3.46 cheeseburger and then throw the remaining 54 cents in a cup holder. Imagine how quickly that change could add up if you were diligent about keeping it all together in a jar or pouch. Give it a try!
- Call your utility companies. Cable and Internet providers are notorious for having great offers, but never letting you know. Call your utility providers (including your cell phone provider) and ask if there is any way to lower your bill. You might be surprised how much you could save each month just by calling.
Saving for an emergency fund doesn’t have to be hard. It just takes some strategy and intentional spending (and saving).
To learn more about how to plan for the unexpected, make an appointment to meet with one of the Centra Financial Services team members.