Life can be unpredictable and as we know, anything can happen. That is why it’s good to have emergency funds that you can rely on when the unexpected happens. Now the question is: how do you build up those funds? Here are a few easy ways you can boost your emergency fund savings, which require little adjustment to your lifestyle.
Cut Back on Your Coffee Runs – Making your own at home is significantly cheaper than buying it from your favorite coffee shop. Cutting back your daily coffee shop visits to once or twice a week can save you big bucks in the long run.
Turn Down the Heat – With the fall season quickly approaching, people will soon be turning on the heat. Be more energy efficient and save money by lowering the temperature of your thermostat a few degrees when no one is home. Also, by keeping the thermostat a little lower while you are home, you can better embrace all the cozy fall clothing!
Utilize Automatic Transfers – Automatically designate a certain portion of your checking funds or paychecks to go into your savings every month. Even the smallest transfers can make a big difference in your emergency funds.
Buy in Bulk – Start buying your household staples in bulk. Warehouse clubs offer memberships for a yearly fee but end up paying for themselves and saving you a lot of money in the end.
Cancel Unnecessary Memberships – Are you really using that gym membership? If you’re only using it occasionally, ditch it. Try doing yoga in your living room. Also, fall weather is perfect for hiking, biking, and running, and, best of all, it’s free!
Pull the Plug – You may have heard it before, but unplugging any unnecessary electronics when they aren’t in use can help lower your energy bill by 5-10%. That’s money that could be in your pocket. So when you’re not using those computers, TVs, microwaves, coffee makers, and lamps, pull the plug.
Having an emergency fund is important, but growing it doesn’t have to be hard. Take these tips to boost your emergency fund savings, and contact us at Madison Mutual at 1-800-766-MMIC or check us out online at www.madisonmutual.com to see how you can be better prepared for the unexpected.