$1k savings is exactly what it is called, a $1k emergency savings. It is for dire emergencies only! Another emergency savings for monthly expenses (what I like to call: Help me I’ve hit a major life emergency savings) is something different. Those funds should be saved separate…but that is a completely different conversation and we will talk about that another day.
Here are 5 ways that you can help you reach your emergency $1k savings goal fast:
Cancel unused subscriptions
Do you even use your Hulu account? How about that online magazine? Whatever it is, cancel it! These subscriptions are coming out of your bank account faithfully every single month and you probably didn’t even realize it.
Cut the cable
You’d be surprised by how long you can survive only on WIFI. If it wasn’t for my son, I wouldn’t even turn on the TV. He watches the exact same show on Netflix every single day and for 8.99 a month I have no problem with that. Depending on your cable provider, your WIFI can be from $40-$90/month. And don’t fall into the trap of “what if we only charged you an additional $30/month and you get all supreme channels”? Its a trap! Don’t do it! They forgot to tell you about the additional service fees and box rentals that come along with it. DON’T FALL FOR IT!
Call your car insurance company
Ask them to lower your premiums. Talk about how long you’ve been their customer, how fantastic you are, and how much money you’ve paid them…blah blah blah lol. Also, do your research. What are their competitors willing to charge you? Ask them if they can beat that price. If they can’t beat it, ask that they match it.
Cut the gym membership
I mean, I’m all for healthy living and getting fit. But, this only works if you are actually USING your membership! That is a monthly fee that’s comes out of your bank account every single month and the gyms love it, especially if you’re not in their gym using their equipment.
Become a virtual assistant
….and all from the comfort of your own home. Isn’t life great?! Check this out on either Fiverr on Thumbtack. You honestly never know what someone may need.
Save it and be done
Just save it and be done!!! If you are financially able to give up $500 for both paychecks in one month to create your emergency saving, just do it and be done!
Boom! Just like that…you are ready for an emergency!