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. Penny Hoarder Jamie Cattanach chose November in hopes of taming her 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 Cattanach finished the challenge and saved at least $600 in one month.

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. A website called AmOne can help. If you owe your credit card companies $100,000 or less, AmOne will match you with a low-interest loan you can use to pay off every single one of your balances.

That means you also are left with one bill to pay each month and typically a much lower interest rate (AmOne rates start at 6.40% APR). You don’t need a perfect credit score to get a loan — and AmOne, which has an A+ rating with the Better Business Bureau, keeps your information confidential and secure.

It’ll take less than 60 seconds to see what loans you qualify for, you won’t need to give your Social Security number and it won’t affect your credit score. You do need to give AmOne a real phone number to qualify, but don’t worry — they won’t spam you with phone calls.

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, using its Savings Catcher app. You can make a shopping list, check in-store and online prices and peek at the weekly ad. You can also scan your receipt in the app to automatically find price-match comparisons for cash back.

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, there are some simple DIY measures you can take.

7. Let This Free App Save You $40/Month on Gas

How far out of your way should you drive to find a great price on gas? At what point are the savings no longer worth it?

An app called Upside makes saving on gas straightforward with cashback offers that don’t involve any mental math. It maps out participating local gas stations where you can beat the pump price by as much as 25 cents per gallon.

People who use the app regularly save as much as $40 a month. That’s cash money deposited straight into your PayPal or bank account. Or redeem it for a gift card from popular brands like Amazon and Starbucks.

Here’s how to pay less for gas: Just download the Upside app, set up a free account and check the map to find participating stores near you. When you’re ready to fill up, claim an offer, tap “Check In” when you’re at the pump and pay with your linked card — easy money for a few seconds of your time.

You can cash out any time, and you’ll get your money within two days of initiating a transfer.

How many free tanks of gas can you get with an average of $148 in annual earnings? Download the Upside app and use code PENNY25 to get an extra 25 cents per gallon off your first purchase.

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).

If you still need a little extra motivation after whipping your repayment plan into shape, read about how this guy paid of $35,000 in student loans in just five years.

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.