Emergency Funds And How To Get Started

Discussion in 'Financial Planning' started by OursIsTheFury, Jul 2, 2017.

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  1. OursIsTheFury

    OursIsTheFury Expert Member
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    I've always wanted to create an emergency fund just in case I get sick or need surgery (there's no universal healthcare where I'm from), or if the house ever gets caught on fire. The thing is, I never really get any savings started. If there's a few extra on the bank at the end of the month, I always find something breaking, the pet would get sick, etc; that will lead me to empty it out to fix the problem. Any advice on how to get things rolling? I'm already not eating much since I strictly monitor the cost of food, as well as every expense I make just to plan out the finances for the entire month.
     
  2. lonewolf

    lonewolf Legendary Survivalist Staff Member
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    I started with odd change, I collect £1 coins and store them in an empty denture cleaning tablets tube....it holds £50!!
     
  3. Scarlet

    Scarlet Member
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    I have a hard time saving too because in my own experience you can't save with low income and too many expenses. Try to have another source of income and save it. From there you can start to have an emergency fund.
     
  4. remnant

    remnant Expert Member
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    The best strategy is to save as much as you can, while you can. Save up to a third of any income you get. The secret to make your savings last after this step is to look for opportunities to make the money work for you. Look for small time and foolproof opportunities to invest. Rate with a view to invest in the soonest income generating opportunity that comes your way, good luck. Remember to tithe, it has worked for of.
     
  5. Westbay

    Westbay New Member
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    I have a personal strategy I use when i want to save emergency fund, I open a fresh bank account at a designated bank and save a token amount there from time to time I get internet banking access to the account and a debit card which I do not carry along all the time since I can make careless transactions. I try as much as possible not to keep money I would be needing anytime soon in it its mostly extra cash and I tell you during the rainy days this funds come in pretty hand because by the time i would be needing the money the banks interest rates would have accumulated this makes the deal juicier for me it works well for me. This strategy worked for me since my college days and I still use it till date.
     
  6. Vinaya

    Vinaya Expert Member
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    Reverse funds come handly during the emergency situations like diseases, accidents, financial crisis, debts etc. Since money is something that always flies, it is really hard to save money. Having a piggy bank is a good way to start a reserve fund. Every day you drop some coins and notes into your piggy bank, and the end of the month you will have some money. Open a saving account in a bank and save your piggy savings in your account.
     
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