InTENtionals for Saving an Emergency Fund
Yes, normally our InTENtionals are top TEN lists. However, our Intentional Living Financial Contributor, Parkey Thompson, has SEVEN ideas on how to intentionally save for an emergency fund, and we’re not even sure how to pronounce InSEVENtionals! Since saving for an emergency fund is easier said than done, hopefully this list will help you get the wheels turning!
- Truly define an emergency!
- CUT, CUT and then CUT some more – an emergency fund is crucial to personal financial management and the elimination/avoidance of debt
Get more income – overtime – focus the extra income specifically and only on the emergency fund
Get a second job – focus the extra income specifically and only on the emergency fund
Sell stuff! We have, typically, more stuff that we know and need. Sell and every dollar to the emergency fund
Focus ONLY on the emergency fund – suspend things like retirement contributions, extra to debt, etc.
Modify your tax withholdings – reduce the amount withheld – properly, do away with any big tax refunds and get more on your paycheck
- Eating Out!, Cable, More internet capacity than needed, etc
- What could you live without if your income was gone for a season?
Did you find this list helpful? Feel free to share it with others who might benefit!
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