Somebody call 911! 🚨 Americans are in deep doo doo when it comes to saving for emergencies. Even if you feel like you're coasting through life just fine, you can't predict when you're going to hit your next crater-sized pothole. 😵🕳️ Better safe than sorry!
Building up your emergency savings isn't rocket science. 🚀 All it takes is a little planning and determination. And motivation.
Here’s Five Fast Facts on how to build an emergency fund :
- ⚠️ High Yield Club - You might feel like your money's safe underneath your mattress, but the only thing it's collecting is bed bugs and dreams. Some of today's online savings accounts have higher interest rates than a traditional savings account. Consider socking your emergency dollars in one of those bad boys and earn some extra cash.
- 🕺 Do The Hustle - Side hustles are so hot right now, all the cool kids are doing it. Turn your hobby into a way to fund your emergency savings by selling your arts and crafts on Etsy. If you have a spare time skill, like blogging or graphic design, freelance marketplaces like Fiverr and Upwork are great places to find gigs and make a buck. You can even check with your neighbors to see if they could use a hand with some odd jobs or keeping their lawn in tip top shape.
- 🛒 Yard Sale, Anyone? - A great way to make a quick buck while decluttering your home is to sell your unwanted items. If you haven't worn that leisure suit in over a year (or since 1978), consider listing it on a clothing marketplace like Poshmark. Facebook Marketplace is perfect for selling used furniture. If you wanna kick it old school, yard sales and flea markets are always an option.
- ✂️ Cut It Out - Have you checked your bank statements lately? You could be paying for subscriptions and streaming services you haven't touched since the 2020 lockdown days. Take a look and cancel anything you're not using. Curb your spending habits by cutting back on extra-curriculars, like ordering takeout. Even skipping one pizza Friday a month adds up.
- 🧾 Let's Make a Deal - Are you paying too much for your monthly necessities? If you've had the same car insurance for eons, it might be time to shop around for a cheaper deal. Same with cable - switching providers often comes with a decent discount. Spend a weekend morning taking stock of your expenses and see where you can get the same services on the cheap.
🔥Bottom line: We never see emergencies coming, and it can be tough to save for them in advance. However, in today's unpredictable economy, it's more important than ever to save for things like unexpected job losses and sky-high bills out of left field. Want more savings tips? Check out our articles on how to save on energy bills and healthcare expenses.
How's your emergency fund looking? 👀 Let us know by connecting with us on Facebook and Instagram! Also, remember to share this newsletter with your friends & coworkers!
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