Saving for an Emergency Fund

You always hear that expression ‘save for a rainy day.’ Do you follow that rule, or are you a spend happy person? You might follow that rule, but do you put any of it into an emergency fund? What if something were to happen, would you be prepared? A fund that is only accessed in an emergency can really come in handy. But how would you save for it? Here are a few tips on how you can save for an emergency fund, without feeling like you have no money left over.

The Life of a Penny Pitcher Might Not Be Bad

• Pay in cash

Do not run up those high credit card bills. Use your cash, because you will not have to pay any extra interest with cash.

• Plan out your shopping trips

If you go shopping with certain items in mind you will be less likely to impulse buy. If you go shopping with no plan, then you may be stuck buying a lot of things you really do not need.

• Put away some of that tax refund

Your tax refund check is great, and it can be used for a lot of things. Why not put some of that away? It would be a nice thing to do, but you do not have to put all of it away.

• Stay home on the weekend

Going out is great. But you do not have to go out all the time and spend money. A quiet night at home may just be the thing you and your wallet need.

• Make sure your credit score is high

The higher your credit score is, the less you will have to pay in interest rates. A good credit rating will really save you money. So focus on getting that score up.

Have Fun, But Do It With Some Thrift

All of these tips are aimed at one thing, saving you some money. But that does not mean you have to cut yourself off from the community. Still have fun, but be aware of how your finances are doing. Then put a little bit away for an emergency. You do not want the rainy day to come, and not be prepared.

Additional Resources:

• Five Tips For Getting Going on Your Emergency Savings Fund
• MoneyManagement.net