Wednesday, July 29, 2009
Building the Emergency fund pt 2
Last week I posted that just getting started with an Emergency Fund is the most important thing. I said scrounge around for loose change and put it into a container of some sort just to start you emergency fund.
I know a lot of you really are at the point where every bit of a paycheck coming in is going out as fast as it can just in paying bills to keep afloat. So, saving is such a hard thing to do.
This is what I want you to do this week to add a little bit more to your E.F. Every paycheck or any sort of money coming into your home, I want you to take out $1.00 and whatever the odd change amount is and add that to your E.F. Example: you receive a check for $45.61, you would add $1.61 to your E.F.
I know it is not a lot, but it is something! You are going to continue to add any loose change you find but, now you are stepping it up another notch.
The point is to not have you trying to figure out if you should pay extra on your credit card or put it into an emergency fund. By just adding this little amount, you can still direct your money to where it needs to be at this very moment. But, at the same time, you are sort of programming yourself slowly back into saving a little here and there.
So, that is all I want you to do this week. It is one more tiny baby step. Good Luck!
This post is linked to "Tightwad Tuesday" at Being frugal
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