by Crystal Mendezupdated on March 1, 2017February 12, 20167 Comments on Jump Start Your Emergency Fund
An Emergency Fund is essential! Especially when trying to get out of debt, but building an emergency fundcan take time. Right now we are following Dave Ramsey’s Baby Steps and #1 is Save 1,000 for an emergency fund.
To me that looked like it would take forever. Where would we come up with $1,000 extra bucks?
Know what? It wasn’t that bad and as of 7/9/15 our Emergency fund was fully funded! Woohoo. And the best part is that it’s exactly 7 months later and we have not touched it. We’ve actually earned money on it!
If you need to jump start your emergency fund start with these simple ideas:
- Start a bare bones budget. Pay your “needs” first. Needs are things like rent, food, gas, payments on your vehicles, utilities.. things like that. Check out this post on Wants vs. Needs for more info.
- Cut out nonnecessaryexpenses for now.You don’t need cable if you don’t have an emergency fund or if you’re in debt and can’t make ends meet. Just saying. I am a hardcore #TWD fan and I go watch it at my mom’s house every Sunday.Any money left over after paying your “needs” goes straight to savings. See this post for ideas on saving money now.
- Open a separatebank account. I highly recommended Capital One 360.We use Capital One 360 for the emergency fund savings. I like the online banking and I like that it’s separated from our main account. I honestly think if the money was in an account in our regular bank we would have used it by now. The fact that it’s “out of sight out of mind” really helps.Transfer the money each time you get paid. If you transfer right away you won’t be tempted to use it.
- How can you earn extra money this month? Pick up some overtime, mow lawns, babysit, sell items at the flea market or craigslist or FB yard sale groups.Whatever you have to do just do it. You may be tired and cranky for the extra work but it will be worth it in the end. You’ll end up with your emergency fund fully funded and peace of mind!
Already have your emergency fund fully funded or almost there? What are you doing to find that extra money? Leave a comment below.
Do you get the Resource Page?
Each week I'll send you the latest Resource Page. In it, you'll find
- Handy tips for focusing on positivity throughout your week.
- Tricks for getting your kids to listen to your every word (just kidding,Girl-- I'm still working on getting my kids to listen!) But I will send you fun activity ideas for you and your kids to do together.
- Useful tools that I come across, like meal planning ideas and such!
Crystal Mendez
Crystal is a work from home mom who loves to write about home life, living with a demanding toddler and the journey towards debt free living.
You may also like...
Uncategorized
Home Matters Linky Party #85
Uncategorized
#SummerFun Twitter Party
Uncategorized
7 EASY CROCKPOT RECIPES YOU’LL LOVE
-
Jamie @ Medium Sized Family says:
Posted on February 12, 2016 at 9:20 am
Reply
We have certainly cut way back in our budgeting in the hopes of getting debt paid off. But I agree with Dave that the $1,000 emergency fund is a must have first! Great tips.
-
Crystal Mendez says:
Posted on February 12, 2016 at 8:42 pm
Reply
Thanks Jamie! We are currently in cut back mode too! Feels weird, but I don’t mind being weird! Thanks for stopping by!
-
-
Rachel Osborn says:
Posted on March 4, 2016 at 2:24 pm
Reply
We’ve taken Dave Ramsey’s classes too!! Hubby disagrees with a few of his principles, like paying off all debt immediately…some things, like his school loan, has such a low interest rate, we actually make more money investing instead of paying off that debt. You have great tips though!! We are trying to rebuild our savings after buying a car last year, and we use many of your tips listed. 🙂
Rachel Osborn recently posted…Home Matters Linky Party #76
-
Michelle James says:
Posted on March 6, 2016 at 7:44 pm
Reply
This is a great post! Some really great tips! Thanks for sharing at #HomeMattersParty
Michelle James recently posted…Tips-Spring Decorating with Silk Flowers -
Jeanne Grunert says:
Posted on March 7, 2016 at 10:53 am
Reply
Excellent ideas here! Every family can benefit from having an emergency fund. Thank you for sharing them on the #HomeMattersParty
Jeanne Grunert recently posted…Do You Need to Protect Daffodils from the Snow? -
Jamie says:
Posted on March 7, 2016 at 1:34 pm
Reply
Great tips!! We went through the FPU course and now have everything paid off, except the house – which we’re working on! #HomeMattersParty
Jamie recently posted…St. Patrick’s Day Leprechaun Trap #Craft-
Crystal Mendez says:
Posted on March 7, 2016 at 10:09 pm
Reply
Jamie that is so awesome and encouraging for me. I went through FPU when I was single. My husband has not but does listen to Dave’s show and is totally on board with going debt free! I can’t wait to get there but it’s a process!
-
