If you were to lose your primary income tomorrow, how long could you live off of savings? And what will you have left over for your future?
It’s crucial to have an emergency fund, as this money is set aside and dedicated to bailing you out when you need it most. Whether you lost your job or your car died, this money will be separate from your other savings, protecting your future.
Your emergency fund should have three to six months worth of your income so that you can weather any worst-case scenario. But while saving for your emergency fund, you need to keep contributing to your primary savings; how to come up with this extra money?
Easy — start finding ways to make more money at home. Every little bit should go to your emergency fund, and in as little as six months, you’ll find yourself, and your family, protected from a financial emergency. Get started now with these easy steps.
Go Old School With A Change Jar
It’s a method that’s worked for decades: put your spare change in a jar at the end of every day or week, and watch it grow over time. When you’re trying to save more money quickly, expedite things by putting small bills you receive as change into the jar. If you break a $20 and get ten singles back, into the jar they all go.
Cut Expenses, Fast
Take a look at your monthly bills including any outstanding debts, and start chopping them in half where you can. Living on a tighter budget for a few months will help you save faster, and won’t inconvenience you for long.
Make Money Online
There are numerous ways to make money online these days, and you can even do so in your spare time. Pick up some extra freelance work, take surveys online for money, and even sell your belongings. Sign up for Giftloop to make extra cash right from your phone.