Most of us go through life and hope not to hit hard times when it comes to cash however there will be times where you just can’t avoid it.
Maybe your company is closing down or your health takes a turn for the worst, for many of us it comes out of the blue and may be something we are not prepared for.
Regardless of how it happens, all we can do is prepare ourselves should it happen.
The advice is to have 3 months outgoings saved so should the worse happen you have a cushion to help you through the hard periods however this is hard for lots of people with finances being so tight. What can you do to help save for your emergency fund?
- Try and put away a little bit each month, even if it can’t be much it will start to build over time.
- Have a clear out of the items in your home that you no longer need/want. If you have some items that can be sold on eBay or at car boots put this money straight into your fund. It was money you were not expecting so you won’t be missing it like salary going away.
- Downshift your bills and shopping – If you are not on the best rates for your home tv packages or electricity for example shop around for a better deal. Then with the savings you make pop this money straight into your savings account each month. It is the same with your food shopping, try the shop own brand items and watch how much you can save.
This is just some simple ways to try and help you build the funds, should you however find yourself in a bit of a tricky situation before then though Quick loans can help if you need cash however only consider this as a short term situation as it could lead to you being in a more difficult financial situation.
No matter how long it takes you to raise the funds for your emergency pot, if you are at least attempting to build this then it is a step in the right direction. For many of us I hope we will never need to use the pot and it becomes a little nest egg!
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