You may have heard that having three to six months’ salary socked away in case of a major unexpected expense is essential — but achieving that goal can be daunting. Don’t worry, because you can use these 10 easy hacks to start a rainy day fund, even if you don’t think you have any extra room in your budget. So get out your piggy bank, and see what you can accomplish in this 30-day emergency fund kickstart challenge!
Frugal fun. Skip the cover charge for the band or the cost of movie tickets and plan one outing this month at a park, gallery, hiking trail or free community event. Set aside the price of just one event you decided to skip for a no-cost option — because nothing’s more fun over the long term than financial security.
Keep only one streaming service. Let’s be honest, are you really watching all those streaming channels? If you haven’t hit play on Netflix in a month or Hulu is falling out of your rotation, commit to canceling everything but one service for 30 days. Since these typically are month-to-month subscriptions, there’s usually no extra cost to stop and then start up again.
Make it a regular. No one is asking you to give up your $6 double shot, oat milk salted caramel latte forever — but just for this month, substitute a $2 regular cup of joe, or home brew, and deposit the difference.
Brown bag it, baby! During the week, pack a sandwich or eat at home instead of hitting the drive-through or a restaurant. Set aside the amount you would’ve spent on dining out. And don’t forget to tip yourself — you’ve earned it!
Take one off the top. Use the automatic savings feature in your online banking app to move just 1% of your paycheck to your savings account for one month. Even if money is tight, you probably have at least 1% to spare.
Save your pennies — literally. Every day, set aside your pocket change in a jar. Even 50 cents a day will add up!
Snag a side hustle. Can you take on a freelance project or other side work for a few weeks? Use sites like Fiverr or Thumbtack to land a virtual assistant gig — or pet sitting job — to feather your fund.
Get a library card. If you’re reading one or two titles on Kindle every month, try a free library card instead. Public libraries offer a huge range of online content from books to movies to music. Set aside the money you saved this month.
Purge and profit. Almost everyone’s got extra stuff lying around other people might pay for — clothing, books or even an old baseball card collection. Place ads on Facebook Marketplace, Craigslist or eBay. Have a yard sale — or sell through a consignment store and free up some extra cash.
How’d You Do?
One of the best things about a 30-day challenge is that it’s over in 30 days, which means you don’t have to stick with any changes long term. But maybe you’ll find there are some you can continue to live with comfortably, so hopefully by the time your next unexpected bill arrives it’s no more than a minor inconvenience.