4 easy tips to help you start your emergency fund in as little as a couple months!
Create an outline of your budget
Create a detailed outline of your budget. Develop a savings goal that you can realistically achieve each month. For example, start with a savings goal of $100. In 12 months, you would have saved $1,200.
Identify your essential needs
Find things that you can cut from your budget. For example, eating out every day or purchasing coffee every morning. Ask yourself, can I Iive withoutout these things? Calculate your savings after each deduction. Add that amount to your emergency fund.
Set up automatic transfers
If you receive direct deposit, set up an automatic transfer deposited directly to your emergency savings. The amount could reflect a percentage of your paycheck or a dollar amount. This will help you save more
consistently.
Safe guard your emergency funds
Keep your emergency
funds in a location that
is easily accessible, but away from
temptation. Consider placing your
funds in an interest- bearing account. Contact your bank to learn
more about your options.