Surefire Ways to Boost Your Emergency Fund

#CreditChat
Wednesdays | 3 p.m. ET
SAVING MORESurefire Ways to Boost Your Emergency Fund

Join our #CreditChat every Wednesday at 3 p.m. ET.
This week, we talked about ways to build a solid emergency fund.
ex.pn/emergency

What is an emergency fund? And why is
it important?
#CreditChat

#CreditChat
Wednesday | 3 p.m. ET
“An emergency fund is money set aside to
cover unexpected expenses. Keeps from
resorting to high interest loans and credit
cards.”
- @ConsolidatedUS

#CreditChat
“It’s simply money set aside to cover life’s unexpected
moments so you’ll be financially ready when faced with
surprises.”
- @LeslieHTayneEsq

#CreditChat
“Helps when the unexpected happens and
you need money. For example: medical
expenses, unexpected travel or broken
water heater.”
- @BBB_MiLine

How does having an emergency fund
help reduce stress/anxiety?
#CreditChat

#CreditChat
“Knowing that you have money set aside for
emergencies can provide peace of mind and
help you rest better at night.”
- @StacySmith0516

#CreditChat
“Life’s full of surprises! An emergency fund can provide
some flexibility when they hit, rather than leave you
scrambling.”
- @LeslieHTayneEsq

#CreditChat
“Emergencies are stressful enough without
going into debt to pay for them. Emergency
fund offers peace of mind.”
- @TCAsolutions

How much money should someone have
in an emergency fund?
#CreditChat

#CreditChat
“I usually recommend and emergency fund
of at least $1,000 but if that’s overwhelming,
start small - but start!”
- @kevincswanson

#CreditChat
“My rule of thumb is to put 10% of your paycheck
towards your “what if” fund to total at least 3 months’
worth of expenses.”
- @LeslieHTayneEsq

#CreditChat
“Calculate how much you spend a month.
Try and save enough to cover your monthly
expenses of at least 3 months.”
- @taynelawgroup

What are practical ways to build up an
emergency fund?
#CreditChat

#CreditChat
“Factor it into your monthly budget. Treat it
like a monthly bill.”
- @JustOnePay

#CreditChat
“Figure out what expenses you can cut out and put
towards an emergency fund instead. Eat out less. Skip
pricey vacations. Kick your bad habit. Save your change.”
- @LeslieHTayneEsq

#CreditChat
“Take on a side hustle. Walk a dog, deliver
pizza, take some family photos. Whatever it
takes!”
- Ashley Bales, @saveforgem

What savings tips do you have for those
of us living paycheck-to-paycheck?
#CreditChat

#CreditChat
“Look at your budget, see where you can cut.
Track all expenses; you will find excess. Pay
yourself first.”
- @TCAsolutions

#CreditChat
“Set a low initial target such as one month of living
expenses rather than three. Build from there. Saving
small is still saving!”
- @LeslieHTayneEsq

#CreditChat
“Carefully examine your expenses and see
how much you can save each month by
identifying unnecessary expenses or wasted
money.”
- @StacySmith0615

How do you deal with temptations to
spend your emergency fund on wants?
#CreditChat

#CreditChat
“Automate your emergency savings into a
bank account and don’t get a debit card for
it - easy access to funds is tempting.”
- @kevincswanson

#CreditChat
“Open a savings account that is separate from all your
other accounts. Automate deposits so money never
touches your hands.”
- @LeslieHTayneEsq

#CreditChat
“Needs trump wants. Don’t let short term
satisfaction get in the way of long term
goals.”
- @Purefy

What are ways to track spending/savings
throughout the month to keep you on track?
#CreditChat

#CreditChat
“Track using budgeting apps like Mint. Keep
every receipt and add up at the end of every
day/week”
- @TCAsolutions

#CreditChat
“Look at your bank statements or sign up for online
budgeting tools.”
- @LeslieHTayneEsq

#CreditChat
“Keep receipts, divide them up by budgeting
category; journaling or using an Excel
spreadsheet are good ideas too.”
- Ashley Bales, @saveforgem

What are some ways to automate
savings?
#CreditChat

#CreditChat
“There are some great apps out there to help
you along. The easiest way: direct deposit.
Pay yourself first!”
- @Kasasa

#CreditChat
“Set up an automated deposit service with your bank so
money from your paycheck will automatically be
transferred to savings.”
- @LeslieHTayneEsq

#CreditChat
“Change your direct deposit, so you have an
allotment going to your emergency fund.”
- @FedChoiceFCU

What are other ways to create some
money-saving habits?
#CreditChat

#CreditChat
“Contributing a small percentage from each
paycheck can help get you into the habit of
saving regularly.”
- @StacySmith0615

#CreditChat
“Make saving a priority! Resist upgrades often so you can
learn to live without them. Walk to supermarket (if close)
so you return only with what you can carry.”
- @LeslieHTayneEsq

#CreditChat
“Just because you have a budget doesn’t
mean you never need to adjust. See what
you can tweak to save you even more.”
- @Purefy

Any final tips for those of us building a
bigger emergency fund?
#CreditChat

#CreditChat
“Take any ‘extra’ money, tax refunds,
commissions, etc. and stash a portion in an
emergency fund. It adds up quick.”
- @kevincswanson

#CreditChat
“Write down potential circumstances in which you would use
your emergency fund and only use your fund for these
moments! Everyone’s emergency fund will be different. Set
realistic savings goals and budget your money accordingly.”
- @LeslieHTayneEsq

#CreditChat
“When building emergency savings, start
with what you can. Don’t be intimidated by
end goal. Every dollar you save is a step
closer.”
- @TCAsolutions

#CreditChat
Check out all the resources and tips shared:
ex.pn/emergency

#CreditChat
Join Us Every Wednesday at 3 p.m. ET.
experian.com/creditchat

Surefire Ways to Boost Your Emergency Fund

Recomendados

Recomendados

Más contenido relacionado

Destacado

Destacado (10)

Más de Experian_US

Más de Experian_US (20)

Último

Último (20)

Surefire Ways to Boost Your Emergency Fund