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How to Start an Emergency Fund

How to Start an Emergency Fund

How to Start an Emergency Fund


If you’re anything like me, saving for an emergency fund is something that has been on your to-do list for a long time. But with all the other things we have going on—paying bills, paying down debt and making sure our money lasts throughout retirement—it can seem like an impossible feat. That’s why I’m here to help! In this article, I’ll explain how I got started with my own emergency fund and show you exactly what steps you need to take in order to get into this habit yourself.

Spend less than you earn.

Start by making sure you have a budget. Once you have your budget, make sure that it doesn’t include any spending money and then save up for an emergency fund.

If you’re an adult, this is probably the most difficult part of starting an emergency fund—but it’s worth it! You should also try to keep track of how much money is going into your bank account versus how much is coming out so that if something happens like losing a job or having health problems (which happen more often than we’d like), then there are still resources available for emergencies.

Don’t dip into the emergency fund savings.

  • Don’t dip into the emergency fund savings.
  • Don’t use the emergency fund to pay for non-emergencies.
  • Don’t use the emergency fund to pay for emergencies that can be delayed (like doctor appointments).
  • And, of course, don’t use your emergency savings as a way out of debt!

Get your bank to help you automate saving.

You can start an emergency fund by setting aside your spare change and paying down debt. But the best way is to automate it.

  • Use a savings account that pays interest (so you don’t lose out on any extra money).
  • Set up automatic deductions from your checking account so it doesn’t feel like work every month.
  • Get a debit card or credit card with low fees that lets you earn rewards points on purchases. Then redeem them for cash back at certain retailers. Use those reward points as payment for the cost of your emergency fund!

Keep adding money to the fund even after it’s been established.

It’s important to keep adding money to your emergency fund even after it’s been established. You should still plan to save a portion of your income. This can help you avoid debt and build wealth over time.

If you have matching contributions available through an employer or retirement account, consider taking advantage of them when contributing additional funds toward your emergency fund.

Finding the money to save toward an emergency fund may be challenging. But it is possible with a little planning and perseverance

It’s not easy to find the money to save toward an emergency fund. But you can do it if you make a plan and follow through with your savings habits.

  • First, create a budget that identifies where your money is going and what its purpose is in life. What are your goals for this year? Next year? After that? If you have children or elderly relatives who rely on you financially but not emotionally (or vice versa), it’s important for them to know where their support comes from. So, they don’t become dependent on someone else. Therefore unable to stand up for themselves when needed most!
  • Then get started saving by cutting out non-essential expenses. For example, cable TV subscriptions, cell phone bills and other unnecessary items like coffee shops that charge extra fees just because they’re located nearby.”


It can be a struggle to start an emergency fund, but with a little planning and perseverance it is possible. Start by making sure that you are earning enough money each month to cover your basic expenses without dipping into the savings. Then make sure that you save at the very least $50 per week, or $2,000 per year — whichever number is higher — toward this goal. Once those two steps are taken care of, then all you have left is creating a plan for how much money will go into this fund on a monthly basis so that it grows each year until needed

Read More How to Stop Living Paycheck to Paycheck


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