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SAVING MORESurefire Ways to Boost Your Emergency Fund

Join our #CreditChat every Wednesday at 3 p.m. ET. This week, we talked about ways to build a solid emergency fund.

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What is an emergency fund? And why is it important?

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“An emergency fund is money set aside to cover unexpected expenses. Keeps from

resorting to high interest loans and credit cards.”

- @ConsolidatedUS

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“It’s simply money set aside to cover life’s unexpected moments so you’ll be financially ready when faced with

surprises.”

- @LeslieHTayneEsq

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“Helps when the unexpected happens and you need money. For example: medical expenses, unexpected travel or broken

water heater.”

- @BBB_MiLine

How does having an emergency fund help reduce stress/anxiety?

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“Knowing that you have money set aside for emergencies can provide peace of mind and

help you rest better at night.”

- @StacySmith0516

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“Life’s full of surprises! An emergency fund can provide some flexibility when they hit, rather than leave you

scrambling.”

- @LeslieHTayneEsq

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“Emergencies are stressful enough without going into debt to pay for them. Emergency

fund offers peace of mind.”

- @TCAsolutions

How much money should someone have in an emergency fund?

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“I usually recommend and emergency fund of at least $1,000 but if that’s overwhelming,

start small - but start!”

- @kevincswanson

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“My rule of thumb is to put 10% of your paycheck towards your “what if” fund to total at least 3 months’

worth of expenses.”

- @LeslieHTayneEsq

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“Calculate how much you spend a month. Try and save enough to cover your monthly

expenses of at least 3 months.”

- @taynelawgroup

What are practical ways to build up an emergency fund?

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“Factor it into your monthly budget. Treat it like a monthly bill.”

- @JustOnePay

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“Figure out what expenses you can cut out and put towards an emergency fund instead. Eat out less. Skip

pricey vacations. Kick your bad habit. Save your change.”

- @LeslieHTayneEsq

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“Take on a side hustle. Walk a dog, deliver pizza, take some family photos. Whatever it

takes!”

- Ashley Bales, @saveforgem

What savings tips do you have for those of us living paycheck-to-paycheck?

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“Look at your budget, see where you can cut. Track all expenses; you will find excess. Pay

yourself first.”

- @TCAsolutions

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“Set a low initial target such as one month of living expenses rather than three. Build from there. Saving

small is still saving!”

- @LeslieHTayneEsq

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“Carefully examine your expenses and see how much you can save each month by

identifying unnecessary expenses or wasted money.”

- @StacySmith0615

How do you deal with temptations to spend your emergency fund on wants?

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“Automate your emergency savings into a bank account and don’t get a debit card for

it - easy access to funds is tempting.”

- @kevincswanson

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“Open a savings account that is separate from all your other accounts. Automate deposits so money never

touches your hands.”

- @LeslieHTayneEsq

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“Needs trump wants. Don’t let short term satisfaction get in the way of long term

goals.”

- @Purefy

What are ways to track spending/savings throughout the month to keep you on track?

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“Track using budgeting apps like Mint. Keep every receipt and add up at the end of every

day/week”

- @TCAsolutions

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“Look at your bank statements or sign up for online budgeting tools.”

- @LeslieHTayneEsq

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“Keep receipts, divide them up by budgeting category; journaling or using an Excel

spreadsheet are good ideas too.”

- Ashley Bales, @saveforgem

What are some ways to automate savings?

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“There are some great apps out there to help you along. The easiest way: direct deposit.

Pay yourself first!”

- @Kasasa

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“Set up an automated deposit service with your bank so money from your paycheck will automatically be

transferred to savings.”

- @LeslieHTayneEsq

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“Change your direct deposit, so you have an allotment going to your emergency fund.”

- @FedChoiceFCU

What are other ways to create some money-saving habits?

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“Contributing a small percentage from each paycheck can help get you into the habit of

saving regularly.”

- @StacySmith0615

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“Make saving a priority! Resist upgrades often so you can learn to live without them. Walk to supermarket (if close)

so you return only with what you can carry.”

- @LeslieHTayneEsq

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“Just because you have a budget doesn’t mean you never need to adjust. See what

you can tweak to save you even more.”

- @Purefy

Any final tips for those of us building a bigger emergency fund?

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“Take any ‘extra’ money, tax refunds, commissions, etc. and stash a portion in an

emergency fund. It adds up quick.”

- @kevincswanson

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“Write down potential circumstances in which you would use your emergency fund and only use your fund for these

moments! Everyone’s emergency fund will be different. Set realistic savings goals and budget your money accordingly.”

- @LeslieHTayneEsq

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“When building emergency savings, start with what you can. Don’t be intimidated by

end goal. Every dollar you save is a step closer.”

- @TCAsolutions

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Check out all the resources and tips shared:

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