7 Tips to Beef up Your Small Emergency Fund ...

By Valencia

7 Tips to Beef up Your Small Emergency Fund ...

If you’re not happy with how much you have in the bank, there are several tips to increase your small emergency fund. Having at least three to six months' worth of income stashed is a protection. If you lose your job or face a major car repair, you won’t have to use credit or borrow from family. However, growing your account may not go according to plan. No worries. Here are tips to increase your small emergency fund.

Thanks for sharing your thoughts!

Please subscribe for your personalized newsletter:

1

Get a Temp Job

Get a Temp Job Getting a part-time job - even if only temporary - is one of the best tips to increase your small emergency fund. The money from your full-time job can go toward your living expenses, and your part-time income can beef up your savings account. If you can earn $500 a month from part-time work, that’s an extra $6,000 in your savings account.

2

Have a Yard Sale

Have a Yard Sale Do you have more stuff than space inside your home? Rather than put clutter on the curb for the trash man, turn your trash into treasure. Having a yard sale is one way to free up space and generate cash. If you live in an apartment or condo, list your items on Craigslist or set up at a community flea market.

3

Sell Your Gold Jewelry

Sell Your Gold Jewelry I’m sure that you’ve seen the commercial for selling used gold for cash. Well, there is truth behind these claims. The price of gold has risen in recent years. If you have old or broken gold jewelry taking up space in your jewelry box, selling to gold buyers can put cash in your savings account.

4

Rent out Your Room

Rent out Your Room Do you have extra space in your home? Clear junk from your spare bedroom and rent out the space. Depending on where you live, you can get between $300 and $500 a month. If you already earn enough to cover the housing expense, that’s cash in your pocket.

5

Eliminate Cable

Eliminate Cable Maybe you can’t imagine living one day without cable. I promise, you’ll live. I’ve heard of people paying as much as $150 a month just on cable. Dropping service may not be a major savings on a monthly basis, but on a yearly basis, it’s a savings of $1,800. That’s a nice boost to your small emergency fund. If you keep Internet service, you might be able to watch your favorite shows with Netflix or Hulu Plus.

Famous Quotes

If you have a harem of 40 women, you never get to know any of them very well.

Warren Buffett
6

Go on a Spending Diet

Go on a Spending Diet For one month only buy what you need. What does this mean exactly? Basically, no frivolous spending. Find cheap entertainment, prepare your meals at home and use coupons whenever possible. The savings might surprise you. Take all your disposable income for the month and deposit it into your savings account.

7

High Yield Savings Account

High Yield Savings Account You may have a good relationship with your bank, but what kind of return are you getting on your savings account? I bet you can do better. Look into online high yield savings accounts and compare rates. Online-only banks can afford to pay higher rates due to lower overhead. Thus, you’re able to maximize your savings quicker.

There is no denying the importance of an emergency saving. But to benefit from a savings account, you’ve got to have money in the account. Now’s the time to get serious about saving and make moves to fund your account. How were you able to grow your savings account?

Feedback Junction

Where Thoughts and Opinions Converge

Only buy what you absolutely need for a couple of weeks. You\'ll notice the difference & want to save like that all the time!

Related Topics

7 Smart Tips for Shopping Online That Will Keep Your Money Safe ... 7 Ways to Pay Fewer Taxes You Might Not Know of ... 11 Ways to save Money on This Holiday Season ... 9 Things That Are Draining Your Money without You Realizing It ... 7 Important Annual Financial Checks You Should Make ... 7 Foolproof Ways for Couples to Combine Finances ... 7 Little Tweaks in Your Spending Habits That Add up to Big Savings for You ... 7 Tips to Create a PostGrad Budget ... 7 Tips for How to save Money on School Supplies ... subway tipping

Popular Now