Looking for ways to increase your emergency savings fund? The more money you can save towards your emergency fund, the more prepared you’ll be to deal with the setbacks life throws at you.
However, saving money isn’t always easy, especially in this economy. So, how can you save more to protect yourself when things go wrong? Here are some easy ways to boost your emergency savings account.
Make Money from the Things You Don’t Need
A good place to start to boost your emergency savings account, is to sell the things you don’t need. You might just be surprised by the amount you can earn simply by having a clear-out.
There are lots of ways to sell the things you don’t need these days. As well as garage sales, you can use social media such as Facebook’s Marketplace. There are also online auction sites like eBay you can turn to.
You can sell absolutely anything, too. One person’s trash is another person’s treasure, so don’t assume something won’t sell. Go through all of your belongings and be ruthless in the things you no longer need or use.
Create a Budget
You’re also going to want to create a budget as this will allow you to see how much you can afford to save each month. Write down all of your incomings and outgoings, followed by the amount you have left.
Then, work out how much you can comfortably save each month. Once you have a figure, you can start to make saving a habit. Pay the money into your savings account before you pay any other bills. That way, you’ll be saving money without really thinking about it. You also won’t miss the amount you’ve saved if you set it to automatically go out of your account when you get paid.
Cut Back on Expenses
After you’ve created your budget, if you find you can’t really afford to save anything, you can look at cutting down your expenses.
There are always things you can cut back on, whether it’s saving money on utility bills or cutting down on treats. Having a budget in place lets you see exactly where your money is going and where improvements can potentially be made. Be ruthless, too. Cut back anywhere you can while you’re trying to build up your savings account.
Pay Attention to Your Employment Benefits
A more drastic way to boost your saving would be to utilize employment benefits. If you job doesn’t currently offer much in the way of benefits, it may be time to look for a new one.
If you can gain employment with a company which offers health insurance and retirement savings plans, for example, you won’t have to pay for these yourself. You can then use the money you’re saving to put into your emergency fund.
Having an emergency fund is essential, but it isn’t always easy to save a regular amount. The above tips will help you to give your emergency savings a boost without it negatively impacting your finances.