12 Realistic Tips for Saving up a Small Emergency Fund


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Is setting up an emergency fund impossible for you? You aren’t alone. But you can start small with these 12 tips. They are as realistic as finding a job that offers overtime or utilizing cashback rewards on credit cards. 

Find a Job That Offers Overtime

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Rather than find a second job, find one that offers overtime for increased pay. “$15 becomes $22.50 an hour after you hit 40 hours,” reasons a poster.  

Volunteer

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Also, look for a volunteering program that meets some of your expenses. For example, you can help clean dishes at a restaurant and take home supper, saving food money. “I volunteer weekly for a food bank, which gives the volunteers first pick on wares,” says a poster.  

Start a Side Gig Aimed at People in the Suburbs/Cities

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Also, be creative about what services you can offer to people around your home. Do they need someone to wash their cars, mow their lawns, or walk their dogs? Find that side gig in demand to start saving for your emergency fund.  

Cut Vices

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Where does most of your money go to? Is it buying alcohol, tobacco, the latest vapes, or satisfying your sweet tooth? Cut all these vices or at least maintain moderation. 

Shop With a List

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Also, always have a shopping list and be mindful of the prices. One poster suggests finding local bargain and organic stores with a cheap and amazing bulk section for most products. 

Delay Gratification

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“If you want a thing, really think about it. Wait a day and let it sit in the card. Give yourself time to balance that short-term dopamine with your long-term goals,” writes a poster. That $10k product may not be worth it after all, and you could add this money to the emergency account. 

Incorporate More Vegetarian Meals

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“Potatoes are great with every meal and cost almost nothing,” shares a commentator. And it’s not just potatoes. Vegetarian diets cut your expenses up to one-third compared to meat substitute products, leaving you with money for an emergency account. 

Cut Out Non-necessities

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Next, do away with everything that isn’t necessary. For instance, you can cut back on eating out and ordering in by making homemade meals. Or stop paying cable TV if you have streaming services. 

Set up an Automatic Transfer of Funds

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Automatic transfer of funds will ensure you always have money for a rainy day. Start with as low as $20 once a week and increase this as you gradually improve your lifestyle.        

Use a Cashback Credit Card to Pay For Everything

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If you always use your credit cards wisely, use cashback rewards and deposit the savings into a high-yield account. 

Have a Roommate

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You can also cut your rent in half by finding a roommate, then save this amount. 

Give Up One Personal Luxury for 30 Days

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A poster recommending this says, “After the month, you may no longer miss it, or it may be all the sweeter when you come back to it.” Your luxury could be buying coffee, fancy booze, extra packs of cigarettes, etc. If you no longer miss it, save what you usually spend in the emergency fund. 

Source: Reddit
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