Having an emergency fund set aside can bring you peace of mind that you have the means to cover any unforeseen expenses. The problem is that if you are spending most of what you earn each month, it can be challenging to save money. It is possible to save money if you are willing to make changes to your lifestyle, even if it is just a few pounds each month. Here are some ways that you can start to grow your savings for an emergency.
One of the most significant expenses every week is how much you spend at the supermarket, but with a little planning, it is possible to reduce your weekly shopping bill.
- Buy different brand versions of food and drinks, such as the supermarket’s own brands, rather than the premium brands. You will still be getting good quality groceries but at a significantly lower cost.
- Make a list. Know what you need before you go into the supermarket. It will help stop you from buying things that you don’t need.
- Plan your meals. Knowing what you are going to have for dinner for the week again helps you only to buy the things that you need.
- Utilise discounts and coupons; however, only use when they are relevant. Yes, you might be getting a chocolate cake half price, but do you need it in the first place?
The money that you save on your weekly shop can be put straight into your emergency fund.
You could be paying too much for your energy use in the home. It is a good idea to look around at other suppliers, as they often have savings deals for new customers. Another way to save money on energy use is not to waste energy. You could save money on your bills by making sure you switch lights off in rooms that aren’t being used, not leaving any appliances on standby, and making sure you are using energy efficient appliances.
Know Your Finances
You can save money by going through all your outgoings and seeing where you can make cuts. For example, a gym membership is often overpriced, especially if you don’t use it often. If you still want to use a gym, there are now good budget gyms or ones that offer pay-as-you-go, and that is a better option. Another quick way to save is to reduce your TV package and stop paying for channels you barely watch. When you begin to look at what you are actually paying for compared to what you use, it becomes obvious where you can save money.
It is good to see your emergency savings fund grow, but sometimes we are still left short. If an emergency expense comes that you just can’t cover, a short term loan can be a solution. CashLady is one company that provides short-term borrowing to help get you over a fix.
Saving money for an emergency is essential, as you never know when you might need a lump sum. Even if you only save a little bit each month, making an effort to do so means you are more likely to find other ways to save. It is surprising how quickly a savings fund can grow, and having that little extra there when you need it can help you get through a tricky financial time.