How to Build Your Quickie Emergency Fund
…in 30 Days or Less!
- How to Build a Quickie Emergency Fund…in 30 days or less
This might sound counter-intuitive but in order to really start getting out of debt, you have to build a quickie emergency fund. You might be wondering “well damn, Brittany, how am I supposed to do that? I am already living paycheck to paycheck!” Don’t worry! I am going to walk you through it! First I am going to give you the one really good reason why you should.
That reason is this: You’ll stop going further into debt when emergencies hit. What do I mean? Well, more than 50% of Americans can’t cover a surprise bill of $500 or more.
How can someone get out of debt if Murphy’s law shows up whenever possible? Murphy’s Law is simply this: “Anything that CAN go wrong, WILL go wrong”
How does Murphy like to show up? Well your car might break down, your dog might get sick, you might get a random bill from the hospital or worse of all? You spill something on your MacBook! Yikes! All of these things can cause you to go further in debt if you don’t have a quickie emergency fund of $500 to $1000. The concept might seem simple but it’s not easy. How do I know? Because more people would be doing it if it were easy. I am going to walk you through the 4 steps to build a quickie emergency fund.[Tweet “Quickie Emergency Funds Keep Murphy’s Law At Bay”]
Step 1: Commit to the process
You’ve got to commit to the process of building this quickie emergency fund. You can not half ass it! If that means you need to start a journal to keep track of your journey then that’s something you should do and I highly recommend it.[Tweet “Commit to building the quickie emergency fund #moneygoals”]
Step 2: Open a savings account at your personal bank
Make sure that it doesn’t charge you any balance fees or monthly maintenance fees or anything like that. If your bank doesn’t offer something like that then it might be time to shop around for a more human bank.[Tweet “If your bank charges you minimum balance fees, you need a more human bank!”]
Step 3: Get to saving!
Ha! If it were that easy more people would have a quickie emergency fund. I am so glad you are choosing to live a different life today so you can live a better life tomorrow. It takes purpose, mindset, and willpower. This goes back to step 1. When you commit to saving the money opportunities start to show up. You see places where you can save money. One way to start funding your quickie emergency fund is to reduce spending overall. This takes due diligence and not whipping out your debit card at every opportunity. Start discerning whether something is a need or a want. Start to reduce your wants.
Another way you can start funding your quickie emergency fund is to start decluttering. Have a yard sale, return things you aren’t using if you still have the receipt, start clipping coupons to save on groceries and household items. I wrote a blog post on apps that are great at helping you manage and save your money here: Five Free Apps. All of these will get your quickie emergency fund funded. Once you have it funded proceed to step 4.[Tweet “If saving were easy everyone would do it… dare to be different! #moneygoals”]
Step 4: Commit to not using the money unless there’s an actual emergency
In order to make the work, you’ve got to fully commit to not using the money. Are you starting to notice a theme here? Only 25% of this has anything to actually do with the money! The other 75% is about mindset and implementation. In this step, you are committing to not using the money unless its an emergency. I don’t mean a shoe or handbag emergency either! This is for if Fido gets sick kind of emergency. You dropped your phone and the screen breaks. Or something happens to your car.[Tweet “Building wealth is more about mindset than anything else! #moneygoals”]