One year ago, this week, we said goodbye to a steady income. My husband was laid off from a job he’d had for years and since that layoff, we’ve heard no after frustrating no following every interview.
And, while this has not been a fun way to live, it’s definitely been easier because of a little foresight. We’ve only been able to survive because of our emergency fund and, although your focus might be on the holidays right now, I’d like to help you give yourself the gift of financial peace.
10 Tips for Starting an Emergency Fund
- Imagine life without an income and let that feeling motivate you to start saving!
- Decide what you can afford to put away and how often.
- Set a measurable goal–will you attempt to save a specific amount or enough to cover expenses for a certain time period?
- Commit to saving that amount and stick to it. (Keep reminding yourself of what you imagined in step 1.)
- Determine what an “emergency” is and don’t touch the money if it doesn’t qualify.
- Give your savings a boost with a work bonus or gift money you receive.
- Have a garage sale or sell things online to jump-start your emergency fund.
- Give up a small luxury like eating out or coffeehouse runs and use that money to start your fund.
- Get rid of unnecessary expenses and use that money to start your fund.
- Set up your account with a bank that offers low or no fees, interest and rewards (see below).
Bonus Tip: When an emergency occurs, eliminate any expenses you can and make an effort to stretch those emergency dollars.
Grab a printable version of this list.
Give the Gift of Financial Peace with Capital One 360
Now that I’ve got you thinking about your finances, I have to tell you about Capital One 360’s Black Friday Sale. I know it’s counter intuitive to think about financial security during the holidays, but they’re making it very easy to do with some wonderful new customer deals. I’ve been a Capital One 360 customer for a while and I wish I’d started with them sooner! Here’s what you can grab now through December 1st:
For new customers:
- Open a new 360 Checking account and receive a $100 bonus
- Open a new 360 Savings account and receive a $100 bonus
- Receive up to $1,250 when you open and fund a new ShareBuilder account
- Save $1,250 on closing costs with a new Home Loan
For current customers:
- Refer a Friend and receive a $40 bonus per successful referral (I’d love to be your referral!)
Visit their special Black Friday Sale site for all of the details and requirements.
[Tweet “.@CapitalOne360 is decking the halls w/ deals including bonuses and closing cost credits”]
Capital One 360 products are designed to save consumers time and money. Their CheckMate tool make it easy to deposit funds and their automatic savings plan is a great addition to your efforts to build an emergency fund. I was drawn to them because their checking and savings accounts are fee-free and earn interest. Take advantage of these great Black Friday deals before they’re gone and if you do, be sure to let me know in the comments!
You’re in the Saving Zone. Become an Insider to keep up with these posts.
I was selected for this opportunity as a member of Clever Girls and the content and opinions expressed here are all my own.