Have you ever wondered what you would do if an emergency cropped up? Life is full of uncertainty and there are a wide range of things that can go wrong. If you aren’t financially prepared, it could make the situation a lot worse. Despite the fact it could really help, the majority of Americans never save for an emergency fund.
There are plenty of ways to save money on things like your shopping, your bills and any other service you purchase online. You can look for discount codes from sites like dealsdaddy and dealsqueen in order to get the bet possible discounts and find out all the most pertinent offers. These can actually help you when it comes to saving money in your every day life and could be vital in times of emergencies.
If you’d like to make sure you’re financially prepared, below you’ll discover 5 of the best ways to help save money for life’s little accidents. `
- Creating a plan
The first thing that you really have to do before you start saving is to create a plan. This should include how much you will need in case of an emergency and how much you can currently afford to save each month. Bankrate has a great explanation of how much you should save. According to the site, it is a good idea to save between four to seven months’ worth of your income. This may sound like a lot but remember – you may end up facing more than one emergency. Whether it be vets bills, home repairs or redundancy; there are many things that can require emergency savings and these things have a nasty habit of happening in tandem.
- Set up automatic payments
The best way to make sure you save is to set up regular automatic monthly payments into your savings account. Ideally you should set the date for the money to come out as the same day that you get paid. That way, you won’t have chance to miss it when working out your month’s income.
- Consider freelance work
It’s all well and good saving money when you have it, but what if you don’t have enough money to save? A good way to earn extra cash to put into savings is to pick up freelance assignment. The internet has provided great opportunities for creative individuals to freelance their skills. It could be photography, web design or even writing. All of these skills can earn you extra cash in your spare time. Channel every cent you earn into a savings account and it’ll soon mount up.
- Play and win
Gamblers with a flair for winning should see this knack as an opportunity. If you’re a member of an online bingo site or casino, you could turn your hobby into a source of potential income for your savings account. There are even things you can learn to increase your chances of winning. However, always bet responsibly, set and stick to limits and siphon off your winnings into a savings account before you get chance to spend them again.
- Keep track of your progress
As with any goal in life, it helps if you keep track of what you’re saving. As featured by Money Facts, it will help to keep you motivated and give you peace of mind that you will be prepared if anything does go wrong.
Overall it can be difficult trying to save money and it’s always tough to remember to fix the roof while the sun is shining. Making sure you have available funds if anything does go wrong can give you great peace of mind and ensure you resolve the problem quickly.