Garage Sale
A garage sale is a great way to get the money needed to build an Emergency Fund. You can raise a lot
of money with a garage sale that is significant enough.
In addition to giving you the immediate infusion of extra money you need, having garage sales regularly can provide additional money to add to your Emergency Fund as you go along. We have a family member who gathers unwanted items from friends and family whenever possible. Once she has enough, she has a garage sale to get an extra income stream. By letting her friends and family know she’s doing this, they, in turn, set things aside for her.
Bonuses, Raises, or Side Hustle
Some of us have jobs that pay bonuses, usually upon completing a goal or at the end of the year,
depending on company profits. This extra money can be used to fund the Emergency Fund.
Raises can also be used for this. Even if you only get an increased cost of living each year, apply that extra take-home money toward your emergency fund. You’ll see that every little bit helps to move the needle.
If you don’t receive bonuses and raises are few and far between, consider starting up a side hustle to get additional money. Like my family member in the section on garage sales, you can do a periodic garage sale to bring in extra money. Look at your skills and what you need to do to monetize them. Even mowing lawns on weekends can add another 50 dollars in income towards building the Emergency Fund.
Look online for side hustle opportunities based on your own skills to see how to market yourself and make additional money.
Pay yourself first.
That’s right. Treat the building of the Emergency Fund as a monthly bill to be paid before anything else.
Set a target percentage and stick to it. If you make a set amount each month, start with 5% to be drafted
from your account to a separate savings account (preferably one that pays decent interest,
like here at CIT Bank).
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