I’m currently in the process of building a pot of money which I call my Emergency Fund. Not sure what that means? I have a post here that will explain all! Charlotte from charlottemusha.couk has also written this great post that explains the emergency fund really well.
Today I wanted to share my emergency fund saving progress with you. These are the things that have worked for me personally over the last month or so.
Emergency Fund Saving Method
In this post from last week I discussed using survey sites and selling on eBay to make money. Even making small amounts from these can add up very quickly. As work has been so quiet recently these have actually been my main methods for building my emergency fund.
A wardrobe clear out was my golden ticket when it came to eBay. I made sure to be thorough and take out anything I hadn’t worn in a while, including a number of items that still had tags on! I’ve been photographing the items a couple at a time and listing them when I’m watching telly in the evening. I have been averaging around £38 each week in sales. Selling your unwanted items is a great way to find that extra bit of money.
Survey sites are something that I have mentioned over and over again, but I will bring them up once more as I think they’re great. Everyone has their own preferences. I personally love Prolific Academic. The surveys pay well and you never get thrown out. If you click here you can use my referral link.
Another favourite money saving method of mine is skimming. Put simply, it’s the process of checking your bank account each day and moving the extra pennies or pounds over to savings. Say I have £117.39 in my account, I might move 39p over to my savings and leave £117 in my current account. If things are going well with my income I might choose to move £2.39, leaving £115 in my current account. Either way, the money can really add up!
My Emergency Fund
My emergency fund target is £500. This is a comfortable amount for me to save at my current income level. It is also an ideal amount for me as it is just over the total of my bills and debt payments for one month. This means that if I have another particularly quiet period with work I know I will be covered.
My emergency fund total is currently £257.59. I’m just over half way to my goal! This has taken me roughly three weeks to pull together so far. I’ll be sure to share another update once I have completed it.
I hope you have found this short post useful and you are able to use them to get started on saving your own emergency fund if you don’t already have one. As I discussed in my previous post, I truly believe that everyone should have a safety net like this in their bank. We just don’t know what life is going to throw at us!
Laura from the Thrifty Londoner has written a great post on 20 Ways to Make Money with a variety of great ideas!