Emergency Fund – Have You Sorted Yours?
No one knows exactly what the future has in store for them. Unfortunately, this makes it very difficult to predict when something bad might happen to us. And this is why emergencies occur. We are often taken by surprise by certain events and put in some very precarious situations.
Emergencies, no matter what type of how bad they are, can often prove to be very costly. For instance, if you are in a car accident, you might need to pay for your medical treatment. Similarly, any emergencies around the home might result in some very expensive repairs.
That’s why it’s super important to save up enough money for an emergency fund. Need to give your savings a little boost so that you can afford an emergency fund? Here’s how!
First of all, you need to work out if it’s possible to make your potential emergency payments cheaper. Thankfully, it is! You just need to buy some insurance. Property insurance covers any damage to it and companies like coastalcontracthardware.com now use your insurance payouts to cover the cost of any emergency lock work. Even though you think paying your monthly insurance premiums are slightly costly, it will certainly work out a lot cheaper than having to fork out for expensive building repairs in the event of a home emergency!
Set A Monthly Savings Goal
If you are finding it difficult to save enough of your money and put it towards a savings goal, you might find it easier with a goal. Your goal doesn’t have to be huge – just a few dollars a week will go a long way and, over the course of just a few months, you will end up with a nice pot of cash that you can dip into if you ever need to make emergency payments. Using an app like https://itunes.apple.com/gb/app/chip-automatic-saving/ can also help you reach this goal.
Save Your Change
Are you sick of all that change in your purse or wallet weighing you down? Well, why not take it out and save it? Lots of people regularly take the change out of their purse or wallet and save it in a large pot or jar. They clear out their wallet every few weeks and at the end of the year, count up all of the change they have saved. Why not give this a try to help you save for an emergency fund? You might be pleasantly surprised with the amount you are able to save up!
Save Tax Refunds
Getting a tax refund back can be a nice little treat. You might want to spoil yourself to some new clothes or a slap-up meal. But rather than splurging this extra cash, it’s a good idea to put it in your emergency fund. You can always start treating yourself with your tax refunds once your emergency fund has reached a certain amount.
So, there you have it. Saving up for an emergency fund doesn’t have to be too difficult. Hopefully, all of the above tips can help you get there in the end!