Why Create an Emergency Fund?

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Look Into Creating an Emergency Fund

An emergency fund is something that many of us do not even think about creating. Why is that? This type of fund can be extremely helpful. Did you know it is easier to start up an emergency fund then you may have thought? It takes very little time and the help it provides can be great. So here are some tips on how you can go about creating your own emergency fund.

Steps to Save For Unforeseen Troubles

• Don’t rush

It is perfectly fine to begin small. In fact, that is probably the best way to go. Just because you start a fund does not mean you have to put $500 into it the very first time. Start with a smaller amount, like $25, and then work from there. It will get the process going without completely crippling your current funding. You do not want to make this a painful process.

• Make it like a bill

Ok, this does sound scary. No one really enjoys bills. But the point is not to make it as bad as a bill. You just need to make it something you remember to do, and you do every month or so. So if you get in this habit, of making it like a bill, then you will actually plan for it. You can also include it in your budget that you have drawn out.

• Keep your change

So, if you go to get food and you pay a $10 for a meal that costs $5.50, throw the 50 cents in the fund. Whenever you find you have some change that might be a good time to add to your fund to help it grow. Little acts like this can go a long way towards making that fund larger. Plus, it is only change so it will not seem like a chore.

• Cut back

Pick one thing in your life that you do a lot, and then cut back. Say you buy 4 cups of coffee a day. Well, buy 2, and then put the money for the other 2 cups in savings. You still get your coffee, but your fund also gets a little sugar as well.

Think of the Outcome

This may seem like a rough process, but focus on the good it can do. It will be much better to find yourself with proper funding in an emergency then to not have it. So
even though it may be a bit of a pain at first, keep pushing. Because you do not want to be trapped in a situation where you are out of luck with no money.

Additional Resources:

• Set Up an Emergency Fund
• You Can Build an Emergency Fund