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Sick and tired of staring at your dwindling bank account and wondering where your money went? Stare no longer! Read below to learn how you can save $1800 in 2018 to feed your emergency fund…
Everyone has a love-hate relationship with saving money. We want to do it, but we don’t want to actually do it. It’s hard to save money.
One of the things that makes it the hardest is not saving with a purpose in mind. When we throw money at a savings account without a name it makes it really easy to take it out for the “emergency” at the mall. It’s also really easy to spend your savings when you have it all balled up into one account with dreams of saving for an emergency, a vacation, a new car, etc.
It’s easier if you have multiple savings accounts with different purposes. You will be able to save so much more if you’re saving for each individual thing separately.
Even if you can only afford to save $5.00 in each account every week, that’s still $260 in a year. It might not seem like much, but it’s more than you had before, isn’t it?
On the same note, having an emergency fund is not only a smart thing to have available, but it’s a great way to get yourself in the habit of saving, too. I mean, what better reason to save for than an emergency, right?
What Would You Do In A Financial Emergency?
Financial experts recommend having at least $1,000 in an account for emergencies. It’s up to you to decide what classifies an emergency.
For me, it’d be a health issue, an appliance breaking, the car breaking down, etc. For you, it might be the new Jimmy Choo’s on sale at Macy’s, I don’t know.
Either way, whether you have an emergency fund already or you’ll need to open a new account, I thought it would be fun to challenge myself and you to save $1800 in 2018. It’s certainly not a ton of money, but it’s enough to feed your emergency fund for a new washer or refrigerator – you never know!
How to Save $1800 in 2018 to Feed Your Emergency Fund
Step One: Go to your bank and open a new savings account.
Step Two: Give your savings account a name…Emergency Fund, Oh Crap Fund…whatever floats your boat. Just give it a name, a reason for being.
Step Three: Set up an automatic transfer from your main account to your Emergency fund.
If you are saving daily, then you’ll need to transfer $4.91 everyday for 365 days.
Choose to do it on payday? That’s good too, but you’ll need to transfer $34.61 each week to make it to $1800 this year.
Are you a monthly budgeter? No worries, you can play this game, too – just set your account to transfer $150.00 each month.
Step Four: Repeat Daily, Weekly or Monthly from January 1, 2018 through December 31, 2018 and by the end of the year you’ll have an extra $1800 in your emergency fund!
You see that – it’s not so hard after all. For less than the cost of a cheeseburger meal at the drive-thru you can save $1800! Good luck!
Want to save money, but your paycheck is already stretched too thin?
Have a Spectacular Day!