Don’t forget to build your emergency fund slowly
Building an emergency fund may seem like burden and overkill at times. But we don’t know what comes ahead in life. There will never be a good time to keep aside $1000 for some future expense that may or may not even occur. The key is to start small and continue to do it. Ask yourself, “can I save just save $25 per week” ? This would become $100 per month and eventually $1200 in a year without you paying attention to it.
How to do it ?
Well.. there are many clever ways to do that. Depending on your current situation, these are some of the ideas to pursue that can help you save at least $25/week.
WORK FROM HOME
Working from your home once a week may help you save on commute. Put this amount aside to save or invest.
AUTO TRANSFER TO SAVINGS
By setting up automatic transfer from your everyday expense account to savings, you would accumulate funds for emergency even during your sleep. How amazing is that!
COOK OFTEN
Do you frequently eat or drink outside ? Try to prepare you own latte and cook in bulk with your family and have a lovely time. In no time you have your own food and drink. You will definitely end up saving more than $25-$30 with this ritual.
SAVE ANNUAL BONUS
Are you getting your yearly bonus ? Put aside 90% of it and watch it grow in your savings account.
USE TAX REFUND WISELY
Are you expecting a tax refund this year ? Do not spend it all, as usual save 90% to build your fund and spend good time or buy an experience with the remaining 10%
SHOP CHEAP PHONE PLANS
Switch to cheaper phone plans. If you are under utilising your data or minutes in the phone. Why not degrade the plan and save money.
SELL THAT IS OF NO USE
Sell your unused or old items. Sometimes we underestimate the power of things we collect over time. People may be ready to pay you for things in your garage.
Always remember no amount is small when it comes to saving. Every penny counts when you are in need. Hopefully you would be able to save $25 per week.
So be wise with money!
