Having an emergency fund is important for many areas of your life. There are also ways to calculate how much you need for an emergency fund, but how do you actually save for this? Here are three ways to save for an emergency fund.
Make funding your emergency fund a goal. Having specific financial goals can help you reach these goals. Be clear on how much you need and figure out how much you can save a month as well as how long this goal will take you. Take your time when you set up this goal so you can be as clear as possible.
Make funding your emergency fund part of your budget. When you set a line in your budget for a specific savings goal you are more likely to reach this goal. You can start small with $5 a month to see how that will affect your budget then work your way up to more. Even a small amount a week will get you into the habit of funding your emergency fund.
Automate your saving. Any time you can make automatic payments or set up a certain amount of your income to go into savings you are making your life easier. You can set up in your checking account a certain amount of your paycheck to go straight to your emergency fund savings account. You won’t have to remember if you saved it because you’ve already set it up.
