How to Build an Emergency Fund
How to Build an Emergency Fund

“You can designate a certain amount of money aside from your paycheck, Or you can invest in Walmart shares.”

~ Carol S. | Cashier at Store 4599 | Timnath, Colo. 

 

#1 Take the First Step 

Thirty-eight percent of Americans have no emergency fund. The key to breaking out from that crowd: Get started. Baby steps are still forward steps. “Start with the amount that you can leave alone for the long term,” Glinda advises. 

 

#2 Budget for Savings 

Build a blueprint for saving. Create goals and save with the purpose of meeting these goals. “You can identify why you need to save and where money needs to be spent if you visualize your goals,” Glinda says. 

 

#3 Out of Sight

Explore putting your fund in a savings or money market account in a bank or credit union. (Another option: an online savings system like GoBank’s Money Vault.) Not only does this get the savings out of your hands, but it also makes it more likely that you’ll leave it alone until you really need it. 

 

#4 Save on Your Food Budget

Lauren Gordon of thedailymeal.com offers this bit of advice: Keep ground beef and chicken breasts on hand. They’re inexpensive, versatile, and can be frozen for later. Cooking at home doesn’t need to be difficult.

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