Saving money to start your emergency fund is a top priority. In a previous post we talked about getting $1000 emergency fund before paying off any debt. Read more about emergency funds and why you need one here.
Here is a list of 13 ways you can get your hands on $1000 fast to start your emergency fund.
#1 Overtime
If you are paid hourly consider logging in some extra time. This can help you reach your goal quickly. This can be a small change, that has a huge impact on your goal to start your emergency fund. If your employer does not allow overtime or you are paid on a salary don’t worry I got your covered. Keep reading.
#2 Tax Refund
If you normally get a tax refund, why not use that money to start your emergency fund. Your tax return was money you did not have throughout the year anyways, so you wont be missing it to start your fund. We used our tax return to pay off debt once we saved our first $1000 to start our emergency fund. Boy how exhilarating to see the debt just melt away using this extra cash.
#3 Save Your Raise
With a new year often comes opportunities for a pay increase. Consider saving this increase to start funding your emergency fund. Again this is money you have been without, so why not use it wisely. My husband gets a 3.5% cost of living adjustment most years and this extra money has helped us pay off debt even faster than we planned, plus we never had that money before so it was not missed thanks to our monthly budget.
#4 Rethink Your 401(k) Contributions
Your income is your greatest asset when it comes to paying off debt. Consider lowering your 401(k) contributions down until your debt is paid off. This will mean more money in your pocket now to pay down debt.
Dave Ramsey recommends not contributing until your debt is paid off, but because my husband’s company matched up to 1% we decided to drop down our contributions down just so they would pay out the max matched contribution. I did not feel it was wise to miss out on this free money.
Once your debt is all paid off then you will start to contribute at least 15% to your retirement fund. If you are already close to retirement age, this may not be the best option for you. Also if you are not fully committed to paying off debt, maybe try a different option.
#5 Sell Your Excess
Sell off your excess stuff. That lamp that you never use, those books taking up space, sell them on a selling app like Mercari, ebay, etsy or Facebook. Just be safe and follow common sense when meeting up with people. You could also have a garage sale, just remember you may not get as good of prices when reselling your stuff as you would from other party apps.
It is important to remember when you use selling apps that they normally charge you a percentage/commission when you make a sale. I believe Mercari is 10% of the selling price. So take this into account when listing your items.
Also keep in mind you are trying to make a quick $1000 so don’t over estimate your items value. Consider offers carefully before declining them. I have accepted offers well below my asking price just to move them out of my house and get a quick payment. Other times I realize my value of the item is not what others value this item.
Start selling on etsy using this referral link to get 40 free listing credits, plus I’ll get 40 free as well so win-win!! Use this Mercari link to get $10 when you make your first purchase.
#6 Start Freelancing
If you are good at writing why not try to write for other blogs or businesses. Blogs and businesses are looking for people to add value to their websites. If is very difficult to constantly pump out great content every week and guest posting could be a great opportunity.
There is also a company called Rev that you can get paid to transcribe audio into written word. Now you wont get paid hundreds of dollars on one audio recording, but you can transcribe as many as you want which can add up quickly.
#7 Save Your Change
I know this may seem a bit overkill, but if you saved every bit of change you get you would be surprised how much money you can save away. Commit to saving the change no matter how large or small. If you have to break a dollar for 2 pennies, then the rest of the change goes into your savings. Those large water containers make great change storage places. LOL I used to love seeing the water jug fill up as a kid. It made me want to keep saving more and more!
#8 Set a Goal to Start Your Emergency Fund
Setting yourself a savings goal is a great place to start. You are more likely to actually get your money faster if you have a clear vision. Make sure you are very specific when you set up goals. Don’t just say, “I want to put enough money aside to start my emergency fund.” Instead say, “I want to put my first $1000 into my emergency fund by June 1st.”
This gives you a time frame and a specific dollar amount goal. If you are feeling really productive today make some small goals under this one main goal. For example: I will save $100 by March 20th and then $100 by April 10th. Breaking your main goal down into more easily reached goals will help boast your confidence, but also make your goal seem more attainable.
#9 Get an Accountability Partner
While this may not give you money per-say, studies show people are more productive and reach their goals faster when they have someone to hold them accountable. My husband and I are each others accountability partners.
You may not realize this, but you are also my accountability partner as well because I don’t think it would look very good if your financial coach did not practice what she preaches! Who would want to listen to someone that is not financially stable and yet gives other people financial advice!?! Not I, so you also keep me in line by holding me accountable.
#10 Put the Word Out
So this is another tip that may not directly fund your account, but it is just as important. Putting the word out that you are starting your emergency fund can have a large impact on your overall savings. In the same way that an accountability partner keeps you on track, letting people know your financial goal can help you save.
You don’t have to share details about your finances, just say you are setting yourself new savings goals. This will also ward off those looking to hit you up for money. I love girl scout cookies, but if they aren’t in my budget sorry kid nothing personal!
Chances are if you publicly put out that you are saving, they will be less likely to hit you up. This is a win in my book because this also means less invites to MLM business parties. You know the one where your long lost friend from nursery school tries to guilt you into joining her team or sell you on some crap you don’t need. (Sorry if this is you, but come on just don’t)
#11 Clean Houses or Businesses
What a great way to make some extra cash. My sister used to clean houses for friends and family to make extra cash. I was more than happy to help her and get my house cleaned. It also means you are not hitting them up for a loan or anything. I promise they will be more willing to help when you are actually working for the money.
#12 Cut out the Coffee & Lunch
So I’m not telling you to stop drinking coffee. I love coffee and do not function well without it in the mornings. What I am asking you to cut out is the specialty coffee and purchasing lunch everyday.
On average you will spend about $5 or more on a drink at Starbucks. If you visit for five days that is $25 in coffee. Five days a week for four weeks is $100 a month in coffee! The same is the case if you buy lunch everyday.
If you gave up the coffee, you would have your emergency fund started in just 10 months. How crazy is that! Not doing anything extra and 10 months you save $1000 or more likely because I know I spend over $5 for 1 coffee from Starbucks. If you are buying lunch and coffee you can save the same amount in just 5 months.
Brew your coffee at home and take it to go. Fix your lunches the night before, or even take a day and fix your lunches for the week. Just a little bit of planning is worth the amount of money you will save, I promise.
#13 Revise Your Budget
I think no matter which idea your pick, you should always be looking at how you can revise your budget. Where could you shave off a few bucks? I tend to be able to cut back on groceries and restaurants. Let me be real with you for second. You should not see the inside of a restaurant unless you work there while you are trying to fund your emergency fund!
I am very serious when I say that, if you cannot find money for your emergency fund DO NOT eat out at a restaurant. Yes this applies to fast food as well. I’m not trying to be ugly or a buzz kill, but restaurants are a luxury and not a necessity. This also applies to idea #12.
I cannot tell you how many times I hear, “I can’t find anymore left every month, much less enough to start my emergency fund.” And yet it never fails they have eaten fast food in the last month or got a coffee at Starbucks, come on seriously! This goes back to our last post on priorities. If you don’t make your financial future a priority, you will never achieve financial freedom. Period.
I hope this list helps you. I used most of these ideas when I was looking to start my emergency fund and they work. If you have any others to add, let me know in the comments!
Be Fearless,
Candace 🙂
Check out other articles in this financial series:
