Not Made Of Money

Ok, you’ve probably heard more times than you can count how important it is to have an emergency fund. You know that you need one, but the missing information is how you’re going to get one started. Sadly, it’s often the people who can’t afford an emergency fund who need one the most.

If your budget is already stretched to its thinnest point, you may find that you just don’t have any extra money to put aside each month. Fortunately, there are some options to help you get that emergency off to a running start.

1. Use your tax refund to quickly fund your emergency fund. Although it’s tempting to use that windfall from Uncle Sam to treat yourself to something that doesn’t normally fit into your budget, resist the temptation. Take your refund, or at least a chunk of it, and place it into a savings account.

2. Take advantage of your employer’s direct deposit program. By putting a small amount of your weekly paycheck into a savings account each week you can start working towards having a healthy emergency fund. Even a small sacrifice each week, such as $10, will provide you with a little bit of financial security.

3. Use your “extra” paycheck. Four times each year, or twice depending upon the length of their pay periods, many people receive an “extra” paycheck. Since you’re used to paying your regular bills without using this paycheck, consider using it to fund your emergency fund.

4. Have a garage sale. Sure, garage sales are a lot of work, but the proceeds from your garage sale could allow you to build a significant emergency fund without even changing your spending habits.

5. Pick up a part-time job. A part-time job, in addition to the work that you normally do, is a fantastic way to scrape up the extra money for an emergency fund. If you’re hesitant to take on a part-time job for any length of time, check with your local staffing agency for some short-time assignments. Simply giving up a day or two a month could help you start saving for that proverbial rainy day.

The idea of getting the cash together to start an emergency fund can be relatively daunting. However, with a little creativity and hard work, you may find that the coveted emergency really is within your reach. Just imagine how much safer you’ll feel knowing that you’re no longer be vulnerable to the slightest problem. The hard work or sacrifice will be worth it.

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