Does Your Family Need Emergency Funds? Check Out These 10 Strategies

Babies have it easy. They don’t have to worry about budgets or bills, so they can sleep soundly at night. 

If you’re losing sleep over your finances, or are just tired of the check-to-check thrill ride, we’ve got 10 practical strategies for building an emergency fund — so you can sleep like a baby.

1. Give Your Money the Cold Shoulder

One way to recalibrate your spending habits is to participate in a spending freeze.

Step 1: Pick a month — or even year. For example, you could pick November to try to tame holiday spending.

Step 2: Don’t spend money on nonessentials during the freeze. Definitely still pay rent, your utilities — all those responsible grown-up bills — but don’t spend anything on entertainment, clothing or dining out.

Sure, it’ll be difficult; you’ll face temptations. But it could save you hundreds.

2. See Where All Your Money’s Going

No matter how much money you make, the first thing you should do is create a solid budget. It’s important to first get a clear idea of where your money is going, then create a plan and stick to it.

We get it, though. Budgeting isn’t fun. But you don’t need to spend hours on end playing with complicated Excel equations. We love resources like Monarch Money, which helps you keep track of your purchases, accounts and investments. It shows you the progress you’ve made on your financial goals, and you can collaborate with other people in your household.

The 50/20/30 budgeting method also makes it easy. It’s one of the most straightforward budgeting strategies, and it offers a lot of flexibility. 

Here’s how it works:

• 50% of your income goes toward essentials.
• 20% goes toward financial goals.
• 30% goes toward personal spending.

Once you get the hang of it, you can tweak the ratios to fit your specific situation. Some people like to put more toward their savings, while others need a bit more for expenses. Take some time to find what works best for you and your goals.

3. Cut Your Credit Card Interest Rate With a Personal Loan

Paying your credit card company massive amounts of interest will seriously stunt your savings efforts.

If you have more than $10,000 in debt, a company called AmONE Debt Relief Solutions can help you take a shortcut to financial freedom.

AmONE simplifies the process by matching you with debt relief and debt consolidation solutions. So you can eliminate or lower payments on your credit cards, medical bills, personal loans, payday loans, and other types of unsecured debt.

You could settle tens of thousands of dollars of debt or just save money each month by consolidating your debt into a lower interest rate. Imagine being completely debt-free in a matter of months.

Ready to stop paying your credit card company all that interest? Have a conversation with AmONE Debt Relief Solutions today for free to learn how you can take a shortcut to financial freedom.

4. Download Store Loyalty Apps

Does your preferred grocery store have an app? It’ll probably help you save.

You can save at Walmart, for example, by buying online and accumulating rewards. You can put those rewards toward future purchases.

5. Don’t Wait Until Payday to Get Your Hard-Earned Money

You’re putting in the hours at your job, but waiting to get paid every two weeks means you can’t pay the bills until your paycheck hits. It’s infuriating.

Wouldn’t it be easier if you could get paid as soon as you earned your money? You’d have the financial flexibility to pay bills on time, have gas money for work, and even build an emergency fund.

You can! With an app called EarnIn, you can get early access to your pay. You don’t pay interest and there aren’t any mandatory fees — you can access up to $750 per pay period*.

To get started, simply link your bank account to verify you’re employed with a consistent paycheck, and then you’re good to go. You can transfer up to $100 a day (or up to $750 per pay period) to your linked bank account. When your payday comes, whatever you transferred from EarnIn is automatically repaid, plus optional tips and fees. You won’t be charged any interest, and there are no mandatory fees**.

Over $15 billion in earned wages have been accessed through EarnIn, helping countless hard-working people bridge the gap between pay periods without resorting to debt.

End the paycheck-to-paycheck grind. Download the EarnIn app today and access your hard-earned money when you need it the most.

6. Conduct Your Own Energy Audit

You can hire someone to come in and perform an energy audit. This in-home assessment will help make sure your house is as energy efficient as possible.

Some utility companies offer this service for free, but of course they’ll try to sell you products and services. If you want to perform your own energy audit, research simple DIY measures you can take.

7. Let This Free App Help You Earn $290/Year on Gas

It’s no secret that the cost of living is on the rise — especially when it comes to everyday expenses like gas.

But the free Upside app can help you earn real cash back every time you fill your tank — up to $290 per year for frequent users.

The Upside app uses a map feature to show you local gas stations where you can earn as much as 25 cents back per gallon.

Simply download the Upside app and create a free account. Then, browse the map to find participating locations, claim an offer and pay as you normally would with the linked physical card. Follow any additional steps in the app to complete your cash back process.

8. Get Serious About Paying off Your Student Loans

If you’re approaching 30 and still have student loans hanging around, you’re probably getting really, really tired of them.

You don’t have to resign yourself to a lifetime of absurdly high interest rates and exorbitant payments that barely make a dent.

First, if you are trapped in an endless cycle of interest payments, consider consolidating or refinancing your student loans.

Then, follow the rest of these steps to make a student loan repayment plan that works for you — whether that means picking up a side gig or applying for a deferment (or both).

Now relax! Take a deep breath. We know paying off your student loans can feel pretty daunting. 

But if you buckle down now, you can make it your new goal to have your student loans paid off by 40 (or so).

9. Adjust Your Water Heater Settings

When’s the last time you checked your water heater settings?

Typically, water heaters are set to 140 degrees, reports Penny Hoarder contributor Scott Alan Turner. Sure, you want you water hot to keep bacteria at bay, but adjusting the heater to a cooler 120 degrees will work just as well.

10. Know Your Bulbs

About 5% of your energy budget goes toward lighting, according to the Department of Energy. Switching to energy-efficient light bulbs can save you $75 a year. Not bad.

You’ve got several cost-efficient light bulb choices, including compact fluorescent lights (CFLs) and light-emitting diodes (LEDs). Although both options will be more expensive than traditional blubs upfront, you’ll save enough money to make it worth the investment.

*EarnIn is a financial technology company, not a bank. Subject to your available earnings, Daily Max and Pay Period Max.Restrictions and/or third-party fees may apply, see EarnIn.com/TOS for details.

**EarnIn does not charge hidden fees for use of its services. EarnIn does not charge interest on Cash Outs. Restrictions and/or third-party fees may apply, see EarnIn.com/TOS for details.