There are always going to be unexpected things that happen to us in life and it can be a royal pain, but that’s just how life is. Being a frugal person, I’ve had to learn this lesson the hard way. If you’ve kept up with my posts, you’ve heard me talk about my past and how I wasn’t exactly a financial guru in my younger days. I’ve had to learn from experience and it wasn’t easy. There are things in life that are going to pop up and will annihilate you financially. For instance, you may be in a car accident, you may get pregnant, you may have to fix the roof on your house, etc… It’s smart to have an emergency fund and I’m going to outline some tips that will help you save enough money in case an emergency were to occur.
#1. Create a Schedule
It’s important that you sit down right now and you start getting a schedule together. This is because there are some things that will pop up by surprise that you can prepare for (emergencies) but there are some expenses that you know are coming up. For instance, you may have a dentist’s appointment coming up in September, the dog needs his shots at the end of June, etc… Write all of your upcoming expenses down and also list how much they’re going to cost. By doing this, you’ll be able to see how much money you are going to need to pay for these things and you can start preparing for them in advance.
Knowing where your money is going and for what will help you gauge how much money you will have left over every single month that you can put in savings for your emergency fund.
#2. Start a Savings Account
It’s very important that you have at least one savings account that you can dump money into from time to time. That way, you always know how much money you have saved and it’s going to be untouched, so the amount will only go up. Keep money out of sight and out of mind and you’re more likely to save it. That way, when an emergency pops up, you have some backup money.
#3. Save Extra Money
Do you get an annual bonus? What do you do with your taxes? Do you still get money from your parents in your birthday and/or holiday cards? If so, you should look at this as extra money and save it. It’s not money you were including in your budget, anyways.
#4. Make Extra Money
Now, I’m not saying that you have to go out and find a 9-5 job, because most of us here are stay at home moms. However, there are plenty of ways you can make money from the comfort of your own home. For instance, you could sell things on Ebay or Craigslist for money. Also, you could consider getting some odd jobs online or even taking advantage of certain programs, such as Swag Bucks.
