No matter who you are and where you live, it’s important to have a plan in place to cover $1000 – $2000 worth of emergency expenses at any given time. You may be thinking that this doesn’t apply to you because you just can’t afford to have that much savings on hand or because you currently have to pay off debt, but it’s still wise to work at making it happen.
If you live paycheck to paycheck and don’t build up a fund for emergency expenses, you may find yourself stuck in a tight spot. For example, if you get ill and have to take time off from work, you won’t be able to pay your bills. And even if you rarely get sick, an emergency could happen. Maybe your car gets hit and the insurance won’t cover it, or maybe you’re unexpectedly laid off, and unemployment isn’t enough to cover your normal cost of living.
So, the first place to start is to consider saving money by regularly making deposits into a savings account. It doesn’t have to be an astronomical amount, but if you can set aside even $25 per week, you’ll build up funds before too long. Most people can afford that even if they’re on a tight budget; you just need to assess your “extras” and cut back a little bit, like maybe one less time of eating out per week.
If saving money and putting it into an account isn’t an option, there are other ways you can build up an emergency fund. You can consider borrowing money from others. It may be through a business lender such as a bank or from easy cash loans to apply for provided by private lenders. In that case, you can borrow the amount that you need and …Read more