During the Monopoly series one of the ideas we have talked about is from Dave Ramsey where he recommends getting started with a $1000 Emergency Fund. Here are some practical ideas you might want to consider as you build your fund.
1. Get a second job
Sure, no one wants to leave their 9-5 day job only to head to a night shift somewhere else, but just keep in mind that it's temporary. Remember, you have to live like no one else now so you can live like no one else later.
2. Sell some stuff
You're bound to have extra stuff around your home just collecting dust. If you don't need it, sell it! Like Dave says, "Sell so much stuff that you're kids think they're next!"
3. Stop eating out so much
If you are a typical American, you eat in a restaurant more than you eat in your dining room!
4. Carpool to work and activities
Sharing the commute to work each day with a co-worker is a smart way to save.
5. Kick the habit
Whether it's lattes or shoes, kick your indulgence to the curb. Stop splurging until you can actually afford it.
6. Ditch the cable
Does anyone really watch all 573 channels? They don't just waste your money; they waste your time! Downsize your cable package.
7. Buy used things
Visit resale shops. Surf over to eBay. Check out the classifieds.
8. Get a glass jug
Whenever you have spare change, stash it away in your glass jug. Over time, the change will make a significant impact on your emergency fund.
9. Use your energy
What do you really enjoy doing? In what area are you especially talented? Now take those talents and find a few ways to make money with them. Are you good at building things? Offer your services for side construction jobs. The possibilities are endless!
Now that you have some great ideas for quickly building up your emergency fund, it's time to get busy. As Dave would say, "No more excuses!"
Join us this weekend as Greg Hubbard continues the Monopoly series.
GREAT BOOK RECOMMENDATION:
The Total Money Makeover,
by Dave Ramsey
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