Kundan, Bay Area artist.
Putting her first since 2016.


How to jump start your emergency fund

Life happens. An emergency fund is a good way to prepare for unexpected events by giving you a financial cushion to handle emergencies without going into debt.

How to Build an Emergency Fund


Life happens. And sometimes that includes unexpected emergencies that require immediate financial attention.

An emergency fund, or “rainy day fund," gives you a financial cushion to handle emergencies like car repairs or your pet’s surgery without going into debt (and paying boatloads of interest in the long term).

Even if you're trying to build an emergency fund on a tight budget, it is possible! 

Here are 4 tips to help you start building a few months’ worth of savings.



1. Give up one luxury a month

Building a cash cushion may seem impossible with a small paycheck, but saving even ten dollars a week can add up over time.

You may not want to sacrifice a luxury like daily lattes or expensive nights out forever.

As an alternative, forgo them for a short period and channel the extra cash into an emergency fund. Then, next month, you can switch your luxury expense to something else.

The amount of money you save, while modest, can be the difference between paying for groceries in cash and putting them on your credit card, which will cost you more money in the long term through interest.



2. Make money on the side

One way to take the pressure off a small paycheck and increase your savings is to pick up extra work outside of your normal job.

This might be selling items online or driving for a rideshare company.

Ideally, it should be flexible so you can commit more or less time to it depending on your needs.

Any money you earn can be deposited into your emergency fund.



3. Keep it close, but not too close

One of the most important aspects of your rainy day fund is where you keep it.

If your fund is lumped up in your checking account, or sitting in your wallet in the form of bills, it can be too easy to spend.

A rainy day fund should be easy to access for emergencies, but not so easy that you dip into it for normal expenses.

Perhaps the best option is to add it to your normal savings account, as long as you can resist the urge to withdraw it on a whim.



4. Every little bit helps

Even if you're trying to build an emergency fund on a tight budget, it is possible!

And remember, every little bit adds up. It might seem like a small amount at first, but you might be surprised at how much your emergency fund grows over time. 

And you'll be happy it's there when you need it!

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