When you’re trying to build your emergency fund, it can seem really, really overwhelming. It can be a really big task, especially if your budget is already tight, but don’t let it scare you. (I have included affiliate links to products I love. As an Amazon Associate, I earn from qualifying purchases.)
You may remember from our post last week the 7 Baby Steps post that Dave Ramsey’s method recommends having $1,000 in your emergency fund. (and you need to read the Total Money Makeover from the library or get your own copy) In reality, if you want to build your fund in two months, that is only $16.66 per day for 60 days. Doesn’t seem so scary now, does it?
There are a few good ways to build your emergency fund quickly, but first, you should make sure that your budget is 100% current. If you have any bills that are past due, make sure you pay them up to date before you start. Having an emergency fund with bills that are past due doesn’t make much sense.
When you go to build your fund, look for different ways that you can earn extra money.
Ways to Build Your Emergency Fund:
Holding a garage sale
Using Facebook groups, Craigslist, or Ebay to sell unwanted items
Apps like Offer Up to sell things from your hosue
Collecting and cashing in pop cans and other scrap metals
Cutting an expensive bill and saving the money (think swapping cable for Netflix)
Writing articles freelance for different companies
Baby-sitting for people in your area
Cleaning Houses for people
Use coupons when you shop and save the difference into your emergency fund
Mow lawns in the summer or shovel snow in the winter
Take a 2nd job at a fast food place (quick and easy hire and they generally tend to not be full time)
Bake cakes for people’s special occasions
Get the kids involved and let them hold a lemonade stand
Tutor kids in a subject you excel at
There are a million and one ways you could make extra money to build your emergency fund. You just have to use a bit of creativity and some ingenuity. If you are determined to build your fund, you’ll make it happen! Keep plugging away at it and soon, you’ll have a totally funded emergency fund!
What are things you do to Build Your Emergency Fund?