CentsAble Budget Report: Funding Your Emergency Funds

Sorry about missing last week, there was so much going on in my personal life that I just lost track of time and missed out on a couple of postings.

Today we will get back up to speed. If you did not read the previous CentsAble Budget Report – GO HERE – this will help transition into today’s subject. Ways of funding your Emergency Fund and Backup Savings Fund.

I know budgets are tight (hopefully you are feeling some loosening as you begin using coupons and purchasing items on sale). So, how are you supposed to fund accounts with money you don’t have. Yes, I do know – there are definitely weeks where there is NOTHING extra come Thursday let alone Friday. And even other weeks where the paycheck is spent long before it ever reaches your bank account.

Here are 10 simple ideas as to how you can begin funding your Emergency Funds Account:

1.       I’m sure most of us have stuff sitting around the house that we either never use, or hardly use, or could really just live without. If these type of items are in good shape consider selling them either through Craigslist.com, eBay.com, or Amazon.com.  Use the money you receive to put straight into your Emergency Funds Acct.

2.       Have a garage sale for all those unwanted items, especially clothes. Have you gone through your closets lately? Well, you probably should. Go through and get rid of clothes you never wear and sell those at your garage sale.

3.       If you live in a state that you can return pop/beer cans for refunds, use that money to put into your accounts.

4.       If you don’t spend your weekly budget on groceries, take what you have left over and fund your accts

5.       Don’t eat out for entire month – use what you would have spent on eating out and put that away your funds acct

6.       Make your own coffee at home, and quit purchasing it from retailers – use the funds you would have spent on coffee and put that in your acct.

7.       Cut out any monthly memberships and use those funds for your accts.

8.       Any Mail In Rebates you receive back – put those directly into your accts.

9.       If you smoke – quit – and put that money away for your family and loved ones (this one has both health and financial benefits)

10.   Start a Money Jar at home, where everyone can put their loose change into. One it is filled take roll the coins and deposit it into your funds acct.

I am going to start working on a budget scale so you can watch as our family begins to save up for our emergency fund accts. I will have that up and going on the next CentsAble Budget Report.

What are some other great ideas to fund your Emergency Funds Accts? Leave a comment to share with everyone!