Sometimes life can throw you a curveball, and you need to be able to handle the financial repercussions. Whether it be family, medical, or natural disaster, emergencies happen. How do you afford the costs associated with an emergency? Not everyone has insurance for financial coverage. Even if you do have insurance, certain carriers won’t cover everything. It is smart to have an emergency fund set aside. Below we discuss ways to save for an emergency.
One way to start saving for emergencies is a no-brainer, spend less. Conduct a self-audit on all of your expenses and monthly spending. Just by recording and examining your spending habits, it will be easier for you to see where your money goes, and help cut back in certain areas which may not be necessary. Once you start spending less, take the money you save and transfer it into a separate savings account only to be used in emergencies.
Keep the Change
An easy and fun way to save your money is by keeping all of your change. You receive change all the time in everyday transactions. Instead of jamming those coins in your pockets or your car’s cupholder, take that change and put into a separate jar. Over time, you will be amazed at how quickly your change builds up. Before you know it, your coins will turn into bills, and a nice little nest egg for you.
Create a New Income Stream
There are lots of opportunities these days to make an extra buck or two on the side, and sometimes you don’t even have to work to earn it. Next time you leave your home for a few days, consider renting it out through sites like Airbnb. You can also participate in focus and survey groups. Marketers will pay you for your time, information, and opinions. Most of these surveys can be done in the comfort of your own home. Companies such as Uber and Lyft are always looking for part time drivers. Earn money on your own time and schedule.
One person’s trash can be another person’s treasure. There is a multitude of online sites today that help you sell anything from your house to your car to your vintage record collection. Take all of the boxes out of your basement and post them for sale online. A few old sets of jeans you don’t wear and some old jewelry and suddenly you have a little peace of mind money you can throw in your emergency fund.
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