In the wake of Covid-19, our personal finances are more vulnerable than ever. Key industries have been hit, leaving millions of Americans dependent on unemployment. With rising healthcare costs and an economy struggling to bounce back to normal, it’s no secret that many of us are strapped for cash. Having an emergency fund is essential to staying afloat in these turbulent times. If you have had to dip into your savings or if it’s depleted entirely, keep reading to discover five ways to quickly rebuild your emergency fund today.
Readjust Your Budget: It’s always a good idea to check with your budget from time to time. You may have to allocate more money from personal spending into your savings until you can ramp your fund back up. Also, take notice of your most expensive bills. If the electricity bill is taking up a large part of your budget, try turning down the thermostat a degree or two. Every penny counts.
Shop Smarter: We all have to spend money, but let’s be smart about how we spend it. Utilizing coupon apps is a great way to receive cash back on items that you already purchase. When it comes to meals, be creative when cooking and try to use ingredients already in your pantry instead of making multiple trips to the grocery store. For a big-time purchase coming up, align it with annual sales marked with heavy discounts.
Sell Things: People underestimate just how many things are in their house to sell. With the fall of brick and mortar shopping, people are looking for less expensive alternatives online. Go through your closet, kid’s closet or the garage and I guarantee you can find multiple items to sell online. If the tags are on still on it, you can probably sell it closer to what you paid originally. Cash in on this new emerging industry!
Embrace a Side Hustle: Think about you are naturally good at. Great at writing? Consider charging people to write their resumes. Like to cook? No contact delivery meal services are a hit! Even with minimum sewing skills, you can create a business making masks for your local community. No matter what you are good at, there is extra money to be made.
Don’t Forget the Little Things: If you regularly use credit cards to pay for things, a cash back reward card is an easy and minimal effort way to gain extra cash. Just don’t forget to pay it off each month! Start rounding up spare change from the house and see how quickly the total adds up. Reduce your impulse spending, and if an unexpected fix does come up, try to see if it’s you can do it yourself before blindly handing over your money to someone else.
Amidst a global pandemic, uncertainty is now more than ever. Give yourself peace of mind and ensure your emergency fund is ready for any future pitfalls. And for more tips on securing your financial future, reach out to TetonPines Financials today.