Seeking Financial Peace:
Building Your Emergency Fund
I am so thrilled that spring is here! I don’t know about you, but I get a kick in the pants from it! The weather gets warmer, the sky is less cloudy, the birds are chirping, and the time change gives us some extra daylight. The flowers are blooming… kids are outside playing….
…and its a great time to get moving towards seeking your financial peace by beginning with Dave Ramsey’s Baby Step #1!
Seriously… If you haven’t yet begun your Financial Peace Baby Steps, now is a great time to change that. Just like spring gives you a kick in the pants, you can give your finances one too by finishing Baby Step 1 QUICKLY. It shouldn’t take more than a month to get your $1,000 emergency fund in place and here are four ways to make sure you hit that deadline:
MORE FOR ONE MONTH.
Maybe it’s delivering pizzas, picking up some extra hours at work, walking some dogs, mowing some lawns… or something else. You can do anything for 30 days, right? *wink* Maybe you already have a side business that you can just kick up a notch in the short-term to get you to this money goal fast. Whatever you do, commit yourself to one 30-day period and get $1,000 saved fast. The month will pass by sooner than you think, and you’ll be on to the debt snowball!
SELL YOUR EXTRA STUFF.
Most of us have items lying around that we just don’t need (or even want) anymore. Go through every room of your house and do a quick inventory of what can stay and what can go go go and earn you some quick cash! If you have a garage sale or sell a few items on eBay, you’ll increase the money you’ve got coming in very quickly. You can get social as well and have an Instagram or Facebook sale or even post items for sale to local Facebook community groups. De-clutter your home AND build your emergency fund FASTER! Win Win!
NO “FUN” MONEY.
This may sound shocking, but remember that it’s only for a short time. Don’t do any fun money spending for one month. If you normally spend $100 on lattes or $75 on dinner out or trips to the movies, knock it off for four weeks. Stay in and read a book at night or make your own coffee. Organize a game night with friends or pick up that hobby you’ve been neglecting. You’ll thank yourself in a month when you’re emergency fund is SOLID!
You might read that and think “it’s only 50 cents here or buy-one-get-one-free there,” but those savings really do add up, especially when you take advantage of sales at your grocery store. It’s very doable to trim a weekly $200 tab down to $140 or $130, maybe even less. The extra cash can go a long way toward your goal with minimal effort.How sweet is that? Or, if you’re like us and there aren’t many coupons available for the types of food you and your family eat, think outside the box and find discount grocers in your area where you can find some savings. We have been able to shop smarter at Aldi’s and Ruler Foods in our area and while we can’t get all of our groceries there, it offers us BIG savings on our grocery budget!
If you combine one or more of these tips, accomplishing Baby Step 1 in a month is practically a cinch. And the sooner you get on to Baby Step 2 and start knocking out your debts, the sooner your monthly cash flow will increase. SO exciting, right? I can’t wait to hear about how YOU use these tips to build your emergency fund! Or, do you have more tips to share? Tell me all about it in a comment below!