STEWARDSHIP WELL DONE

Step 4 – Emergency Fund

Roadblock #1 – How will I find $1000 to start an emergency fund?

For many, finding $1000 to start an emergency fund seems impossible. If you are worried about finding $50 to pay for new shoes for your child, saving $1000 seems like climbing Mt. Everest. But you don’t need to feel like you are alone. Statistics show that 36% of Americans cannot cover a $400 emergency. So let’s talk about how you can begin to conquer this mountain.

First, it is important to acknowledge to yourself and your family that this is a priority. Saying it out loud, writing it down, or telling a friend, is a good first step in the right direction. Put it in your budget as a non-optional item.

Second, don’t try to tackle it all at once! Break it down into smaller, bite-sized pieces. Maybe your first goal is $50 … then $100 … then $200. Simply determine each week to put SOMETHING toward your emergency fund. And remember to celebrate each victory. Even if you only contribute the change in your purse this week, that is more than you had in your fund last week!

Third, get creative! Are you a good cook? Try selling some baked items. Are you competitive? Make saving into a game or challenge a friend. Expecting a tax refund this year? That is a great way to start your fund! Do you have a basement full of things you no longer use? Have a garage sale. Have a couple free hours on Saturday? Find a babysitting job. If you normally get pizza for the family on Friday night, try making pizza at home. If you usually go to the movies, borrow a movie from a friend instead. The possibilities are endless for saving money if you are willing to get a bit creative. And no one said saving needs to be a drag … make it fun!