• Home
  • About
    • About Me
    • Contact Me
    • Guest Posts
    • Disclosure
    • Privacy Policy
  • Home Adventures
    • Recipes
    • Gardening
    • Organization & DIY
  • Money Adventures
    • Save Money
    • Make Money
      • Blogging Income
    • Freebies
      • Reviews
    • Coupons
      • Coupons.com
    • Budgeting
  • Life Adventures
    • Wedding
    • Parenting
    • Autism
    • Kids and School
    • Blogging
  • The Shop

My Stay At Home Adventures

Modern Homemaker On A Modest Budget

You are here: Home / Budgeting / Get Out Of Debt: Start An Emergency Fund

Get Out Of Debt: Start An Emergency Fund

This post may contain affiliate links which might earn us money. Please read my Disclosure and Privacy policies here

August 27, by Joyce @ My Stay At Home Adventures 29 Comments

Pin

Remember your first paycheck?

Do you remember where you spent it at?

Now, I’m pretty sure you quickly spend it and never thought about debt and starting an emergency fund, but hey you weren’t alone.

Fast forward to now and if you have debt and have no emergency fund then we are here to help you out.

If you are looking to take control of your finances and get out of debt start an emergency fund.

Don’t have debt start an emergency fund to help you keep away from debt, my friends!

You heard right start saving money.

You will be surprised how saving money for unplanned events will help you reduce your debt. If you have debt and do not have an emergency fund read why you need to have an emergency fund.

You are in debt because you have no emergency fund. Number one reason to help you kill your debt and prevent you to get into more debt is to start saving money for an emergency. Learn why you need to start an emergency fund and how to get it done. #money #debt #FinanciaFreedom #tips #idea #educationReasons to Start an Emergency Funds

Not having an emergency fund will cost you more money.

If you don’t have the funds to pay for an emergency, is going to cost you more money. It becomes a cycle where millions of people seem to fall into every day.

Your car breaks down and you don’t have money saved. What do you do?

Not having money to fix your car you decide to charge it to your credit card.

Credit card will charge you an outrageous amount of interest if is not paid in full.

Paying minimum balance on your credit card debt is going to cost you a lot of money in interest and it will take years.

If you don’t use your credit card and use a cash advance place, you will pay fees and interests as well. This is going to cost you a lot of money and sometimes creating more financial problems than solutions.

Deciding not to pay one of your bills and use that money to pay for your car service bill, you will pay a late fee for not paying your bill one time. The amount you didn’t pay will double the following month as well.

A service reinstated fee could be added to services if services are shut down. Again, wasting your hard earned money and your level of stress continues.

Do you see the effects of not having an emergency fund?

Credit cards, cash loan services, and not paying your bills are no ways to pay for emergencies. An emergency fund is what you need to pay for the unexpected. Saving money is free and stress-free.

Credit cards are NOT emergency funds!

Check out these money posts:

  • 10 Things You Shouldn’t Buy When You Are Struggling Financially
  • If You Act Like This, You Are Not Wealthy, You Are Broke
  • 4 Destructive Broke Mindset Beliefs People Need To Get Rid Of

How much money should you save?

An emergency fund amount varies. Experts always suggest having an emergency fund to cover 3-6 month worth of expenses.

If you are low income I suggest reaching for $500 until you have your finances under control and increase it to $1000. Remember that anything is better than nothing.

Set an amount that is good for you. If you think $5000 will help you through 3 months then go for it.

Use digital apps to help you save money. Digital saving apps are what we are using to help us grow our saving accounts.

Download:

  • Digit

How to get started?

There are so many ways to start your emergency fund. The amount you save is your personal decision. Never compare your financial situation with others, ever!

My suggestion is not to have your funds in the same checking account you use to pay bills. An emergency account should not be easily accessible. Find a saving way that will prevent you from spending the money you set aside for emergencies.

Check out these posts:

  • 4 Ways To Save Money When You Are Living Paycheck To Paycheck
  • 40 Ways to Save Money That Works!
  • Are you following these 5 personal financial rules? 

When I started my emergency fund I barely made enough. I would automatically transfer $25 a week from my checking into my saving accounts.

Remember to pay attention to your banking institution as many will require a minimum balance of at least $100, if not, they will charge you a fee. As the weeks passed by I didn’t miss it and my fund grew.

Again, the way you start your own emergency fund is up to you. Saving the loose change, saving all your $1 bills, 52 Week Saving Plan,  how you save is up to you. Just remember that what something is better than nothing.

Conclusion

Having an emergency fund is important and should be considered a top priority. An emergency fund will keep you away from getting into more debt and paying more money.

Starting an emergency fund is as simple as putting away a few extra bucks away. Whatever the amount you decide to set aside remember that an emergency fund is a difference between financial failure and financial success.

As time passes you will realize that the debt cycle you seemed to be stuck is broken because of your emergency fund.

Your turn: When it comes to starting an emergency fund what are your favorite tips and ideas? Share it with us!

Share
Share
Pin
Tweet
Share
Pin
The following two tabs change content below.
  • Bio
  • Latest Posts
My Twitter profileMy Facebook profileMy Instagram profileMy Pinterest profile

Joyce @ My Stay At Home Adventures

Latina mom of 4 married to wonderful Greek gentleman. Living in southeast PA and trying to juggle family and a household while trying to earn an income from home. Follow my stay at home journey as I discover how to earn money and save money so we can continue to live debt-free.
My Twitter profileMy Facebook profileMy Instagram profileMy Pinterest profile

Latest posts by Joyce @ My Stay At Home Adventures (see all)

  • Sopas de Pollo y Platano - March 6,
  • Pathbright Solar (My Review) - March 6,
  • 5 Tips to Add Spark To Your Finances - March 5,

Filed Under: Budgeting, Family, Frugal Finances, Frugal Living, Home Adventures, Life Adventures, Save Money

Comments

    Leave a Reply Cancel reply

  1. Paris says

    November 15, at 9:30 am

    Great tips! Thanks for sharing.

    Reply
    • Britnee says

      November 15, at 10:00 am

      Thank you for commenting Paris.

      Reply
  2. CouponDivaAndi says

    November 15, at 1:16 pm

    wrong wrong wrong – debt must be paid off FIRST even before STARTING an emergency fund!

    Reply
    • Britnee says

      November 15, at 1:41 pm

      Andi, each debt journey is different and it the financial world each advice is different. What worked for you might not work for others. It worked for me and for many others so I guess my “wrong” way was best thing for us.

      Reply
  3. Shantha Wetterhan says

    November 15, at 5:47 pm

    My hubby and I have been on the Dave Ramsey plan for 2 years now and it changed our life. I could not live with out my budget envelope system. It really takes alot of discipline to save, but it’s so worth it!

    Reply
    • Britnee says

      November 15, at 5:58 pm

      Amen! Shanta, I tell anyone, Dave Ramsey is what started it all for us many years ago. The book was the best investment EVER!!

      Reply
  4. Olivia Schwab says

    November 17, at 1:38 pm

    This is such a great idea! Thanks for the tips!

    Reply
    • Britnee says

      November 17, at 2:03 pm

      Thank You Olivia.

      Reply
  5. Genevieve Yam says

    November 17, at 1:55 pm

    Great tips!

    Reply
    • Britnee says

      November 17, at 2:03 pm

      Thank you Genevive.

      Reply
  6. Summer Ann says

    November 17, at 2:11 pm

    It’s so important to have an emergency fund. If nothing else it gives you a little peace of mind. Thanks for sharing.

    Summer Ann
    www.simplysummerann.com

    Reply
    • Britnee says

      November 17, at 2:32 pm

      Sure does, Summer. Thank you !

      Reply
  7. Laurie Barrie says

    November 17, at 11:46 pm

    Sounds like Dave Ramsey advice to me! Great principles to live by.

    Reply
    • Britnee says

      November 18, at 4:22 am

      Thank You.

      Reply
  8. IBlocNotes says

    November 18, at 6:37 am

    Have an emergency fund is always a good option in these times, excellent advices!

    Reply
    • Britnee says

      November 18, at 7:45 am

      Thank you. Thank you for commenting.

      Reply
  9. tianna says

    December 10, at 3:22 pm

    awesome tips!

    would love if you stopped by for a visit: http://StorybookApothecary.com ♥ I’m doing a holiday giveaway event if you’re interested in winning some beauty products !

    Reply

Trackbacks

  1. Emergency Fund Essentials: 15+ Resources for Starting and Growing an Emergency Fund - Single Moms Income says:
    November 14, at 12:16 am

    […] Start an Emergency Fund This post covers all the ins and outs of emergency funds – how to start one, why you need one, and ways to save. […]

    Reply
  2. How Beating the Broke Mindset Helped Me says:
    November 19, at 8:09 am

    […] say this over and over again when I used my credit cards to fix my car because I didn’t have an emergency fund. I thought credit cards were my emergency fund. When things broke down,  I used my credit cards to […]

    Reply
  3. 5 Ways To Solve The Budget Problem * My Stay At Home Adventures says:
    February 12, at 9:03 am

    […] you decided to take your financial matters in to your hands and attack your debt. You are doing a great job at staying away from the broke mindset and you want to start living a […]

    Reply
  4. Tips For Not Spending Money says:
    February 21, at 5:27 pm

    […] of your finances, then your plan includes a budget. I am assuming you already have a plan and a budget working for you, and now you are worrying a bit about keeping up with your plan and budget. These plans are […]

    Reply
  5. How To Save Money When Living Paycheck To Paycheck says:
    May 19, at 7:01 am

    […] hear about how important it is to save money, why having an emergency fund is so important; yet many of us struggle with saving money and are living paycheck to paycheck in this country. […]

    Reply
  6. January Goals Updates, February Goals + Online Income Report * My Stay At Home Adventures says:
    June 2, at 1:37 pm

    […] If you need help getting started with your emergency fund I have written many posts about saving money but I’ll be nice and post this one. […]

    Reply
  7. 5 Reasons You Will Fail To Get Out Of Debt Over and Over Again says:
    August 1, at 10:15 am

    […] want to be in debt. You want to take control of your finances; yet, somehow you keep failing at getting out of debt. What if I told you that the reason you are failing, is because of you. You are the reason you are […]

    Reply
  8. 5 Incredible Ways Broke People Can Save Money On A Budget says:
    September 23, at 2:45 pm

    […] with killing my debt, I was simply following what Dave (Dave Ramsey) said. Save $1,000 first for an emergency fund, and then start killing your debt with intensity, but that didn't sit well with me. You see, $1,000 […]

    Reply
  9. What to Save For This Year (8 Top Categories You Must Save For Today) says:
    January 11, at 10:05 am

    […] emergency fund is something that you hear about in the world of personal finances. What is this emergency fund people talk about and why is it so […]

    Reply
  10. Paying Bills on Time (Why You Have To Start Today) * My Stay At Home Adventures says:
    September 22, at 8:42 am

    […] Get Out Of Debt: Start An Emergency Fund […]

    Reply
  11. Financial Stress – What Is It and How to Avoid It Today! says:
    November 26, at 7:00 am

    […] that the majority of Americans don’t have enough money saved for an emergency fund, are worried about social security, and how they are going to pay their […]

    Reply
  12. 3 of the Top 2019 Money Goals You Can Do and Achieve says:
    January 7, at 11:59 am

    […] emergency account is a must. There are times when things happen, and you need to cover those expenses. If you don’t […]

    Reply
Welcome to my blog, My Stay At Home Adventures. My name Joyce a Latina mom of 4 wonderful kids (18, 6, and 3, 4 months) who writes about her adventures at home.
About MeContactPrivacy Policy
Copyright ©2021, My Stay At Home Adventures. All Rights Reserved. Custom design by Pixel Me Designs