7 Ways to Build Your Emergency Fund Fast

No matter who you are or how much money you have, you need an emergency fund. That’s because life is bound to throw a surprise your way every now and then. Unfortunately, many of the surprises that life throws your way can be very expensive.

Here are 7 ways to build your emergency fund fast.

1. Get Some Additional Income

Of course you’d prefer to have only one job and spend time away from work with your family and/or friends. However, if you want to build an emergency fund fast, you’re going to need an additional source of income, at least for a short time.

One way to get some additional income is to get a second part-time job. Browse around your local mall and look for retail stores that are hiring. The good news is that they’ll often be looking for people who can work outside of normal business hours. They’ll often have night and weekend hours available because that’s when people are typically shopping at malls.

2. Sell Stuff

Chances are pretty good that you have assets that are of value to somebody else. When the warmer weather arrives, have a garage or yard sale and sell off some items that you really don’t need but could be think somebody else might pay for. Afterwards, use the proceeds to start your emergency fund.

3. Quit Eating Out

Go to the grocery store and load up on produce, meats, and starches. Then, go home and cook your own meals instead of eating out at restaurants.

When you eat out, the markup you pay for the food will limit the funds you have available for savings. Add to that markup a good tip for your server and you’re spending even more.

4. Carpool

You’re not just acting green when you carpool to work, you’re also saving green. When you carpool with a few other people and everybody shares the gas bill, you’re reducing the amount of money you spend at the pump. Even with gas prices dropping (as of this writing), you still stand to save a lot of money over the long run if you carpool to work regularly.

Also, consider carpooling to social activities as well.

5. Drop Your Vices

Whether you’re a smoker or a heavy drinker, you’ll find that you can save a significant amount of money if you take steps to break your habit and save the money that you once spent on a vice.

Also, your “vice” might be less noticeable. If you’re dropping a few bucks every day at Starbucks, that money will add up over time too.

6. Buy Used Products

Whenever possible, buy used products. You really don’t need a new TV unless you’re trying to show it off.

Certainly, buy only used cars. New cars depreciate in value quickly.

7. Use a Literal Piggy Bank

Get yourself a piggy bank and stash your spare change in it. You might think that a few coins here and there won’t add up to much, but if you consistently save them over time, you’ll find that you’re sitting on a small gold mine after a while.

It’s a good idea to have an emergency fund on hand. That way, you won’t have to rely on emergency loans when you suddenly find yourself in need of a lot of money. Exercise a little self-discipline and start saving today.