An emergency fund can completely change your life! It can help you feel more secure and problems will become only inconveniences for you. An efund can help save your marriage and your health. If you want to read more about this, check out my post Why You Need An Emergency Fund.
Q: What is an emergency fund?
A: An emergency fund is money that can be accessed quickly in case of an emergency.
You can build your emergency fund quickly. It’s not easy nor is it fun, but it will set your financial, mental, and emotional life up for success by preparing for what life will throw at you. Here are some ways you can build your emergency fund fast!
Put all your other financial goals on the back burner.
You never know when an emergency will strike. That’s why you have to be prepared. The only way to quickly save up the money you need is by forsaking everything else and using tunnel vision to reach this financial goal.
Now, I know there are many people out there that love to invest and I understand why. But the hard truth is you have to build your efund and the faster, the better. That means you may have to stop contributing to your 401k for a while.
Sell things you are no longer using.
I’m sure there are things you can find that are still in great condition that is no longer being loved by you. Instead of hoarding these things until they rot, sell them to someone who will love and appreciate these things. With all the great avenues out there for selling, there’s no reason not to sell your old goods.
These are great selling apps and websites you can check out if you’re interested.
Mercari – When using this app, everything is sold and shipped online. This eliminates any awkward meetups.
OfferUp – This app is focused on local sales, which means you will have to meet up with someone. But it’s a great way to sell something fast and get the cash for it.
Letgo – This app is also for local meetups and quick cash.
Craigslist – Probably the oldest website in the book, but still useful nonetheless.
Another great way to make money by selling your old stuff is by hosting a garage sale. Or you could always check out your local flea market and rent a table. It’s a great way to earn some quick cash!
In other words, sell as much as you can as fast as you can. Like Dave Ramsey would say, “Sell so much stuff that the kids think they’re next!”
Squeeze every penny out of your budget.
What are some things that are draining your wallet? Although looking nice is fun, being financially secure is more important in the long run. Therefore, things like new clothes, haircuts, and manicures may have to be set aside for now.
Let’s be real. In order for you to save up thousands of dollars fast, you need to cut spending by a lot. That means cutting the cable cord, avoiding restaurants, making your own coffee, and packing a lunch to work. Put all your extra money in your emergency fund
Embrace the lifestyle of being frugal. After all, it’s only temporary.
Get a temporary second job.
I definitely don’t want you to overexert yourself, but working a second job for a few weeks to a few months won’t kill you. In fact, it will help you reach your goals so much faster. Imagine having a whole paycheck to put toward your efund. An extra $100-200 a week can fast forward your financial goals.
Make it a priority.
Whichever way you decide to build your emergency fund quick, it’s important that you make it a priority. It has to be something that you’re constantly striving after and thinking about. You’ve gotta want it and be determined to not let anything stop you.
Remember the reason behind all the sacrifices. Why are you doing it? Is it for security and comfort? Is it to protect your family from the wiles of life? Are you doing it so you can finally get out of debt and move on in your financial goals? Whatever the reason, it’s important.
Having an emergency fund will absolutely change the quality of your life and allow you to truly enjoy your income. Once again, here are the ways to build your emergency fund we’ve covered in this post:
- Put other financial goals to the side
- Sell all your old things
- Find areas to cut out of your budget
- Get a temporary job
- Make it a priority
Did you find this post helpful? If so, be sure to share it with all your friends who may also need help saving an emergency fund! Which tip are you going to put into practice today?