If you haven’t built up an emergency stash, it likely nags at you constantly. If sleepless nights over money are becoming routine or you’re exhausted by living paycheck to paycheck, here are 10 actionable tactics to help you grow an emergency fund.
1. Give Your Money the Cold Shoulder
An effective way to reset spending is to try a spending freeze.
Step 1: Choose a time frame — a month, or even a full year. For instance, you might pick November to rein in holiday splurges.
Step 2: Avoid nonessential purchases for the duration. Keep paying rent and utilities — all the adulting essentials — but skip entertainment, new clothes and dining out.
Yes, it’ll be challenging; temptation will lurk. But it can easily free up hundreds of dollars.
2. Track Exactly Where Your Money Goes
No matter your income, the first step is to build a reliable budget. You need a clear picture of where your dollars are flowing, then make a plan and adhere to it.
We know budgeting can feel tedious. You don’t have to spend ages crafting complex spreadsheets. Tools like Rocket Money can show where you’re leaking cash on forgotten subscriptions and overpriced bills. Members save an average of $720 a year.
The 50/20/30 rule is another simple approach. It’s straightforward and flexible.
Here’s the breakdown:
- 50% of your take-home pay goes to necessities.
- 20% goes to financial goals like savings and debt payoff.
- 30% is reserved for personal spending.
Once you’re comfortable with it, adjust the percentages to suit your situation. Some people direct more into savings; others need extra for living costs. Experiment to find what supports your goals best.
3. Reduce Interest with a Balance Transfer Card
If high-interest credit card debt is weighing you down, a balance transfer card can be a helpful escape. These cards let you move balances from one or more cards to a new card that often offers a 0% introductory APR. That grace period gives you time to pay down the principal without interest stacking up. Look for a balance transfer offer with a long 0% window and low transfer fees. Use our guide to identify the best option for your situation.
4. Install Store Loyalty Apps
Does your go-to grocery store have an app? Downloading it can often shave money off your bill.
For example, shopping at Walmart through its app can earn you rewards that can be applied to future buys.
5. Don’t Wait for Pay Day to Access Your Earnings
You work hard, yet waiting weeks for a paycheck can leave you stuck until funds arrive. That’s frustrating.
Imagine getting paid as you earn — paying bills on time, fueling your car for work, or adding to an emergency fund when needed.
You can do that with an app like EarnIn, which provides early access to wages. There’s no interest and no mandatory fees — users can access up to $750 per pay period*.
To begin, link your bank account to verify steady pay, then you can transfer funds—up to $150 daily and $750 each pay period—to your account. When your payday comes, the app automatically deducts what you borrowed, plus optional tips and any applicable fees. There’s no interest charged, and no required service fees**.
More than $15 billion in wages have been accessed through EarnIn, helping many people bridge gaps between paychecks without taking on debt.
Stop living paycheck to paycheck. Download the EarnIn app and access your earned wages when you need them most.
6. Run Your Own Energy Audit
You can hire a professional to perform an energy audit of your home. This on-site review can pinpoint ways to make your home more energy-efficient.
Some utilities provide audits at no cost, though they may attempt to upsell products or services. If you prefer, you can conduct a DIY audit — look up basic steps to find easy, low-cost fixes you can implement yourself.
7. Use This Free App to Save on Gas and Groceries
With living costs rising, everyday expenses like fuel are a particular strain.
But the free Upside app can deliver cash back every time you fill up — potentially saving frequent users up to $290 a year.
Upside’s map shows nearby stations offering cashback, sometimes as much as 25 cents per gallon.
Just download Upside, sign up for a free account, browse the map for participating locations, claim an offer and pay as you normally would with your linked physical card. Follow any app instructions to complete the cash back process.
8. Get Serious About Student Loan Paydown
If you’re nearing 30 and still carrying student loan balances, you’re probably getting veryverytired of them.
You don’t have to accept perpetually high interest and huge payments that barely reduce the principal.
If you’re trapped under a mountain of interest, consider consolidating or refinancing your student loans.
Then create a repayment strategy that fits your life — whether that means taking on a side hustle or applying for deferment (or both).
Take a breath. Tackling student loans can feel overwhelming.
But with determination now, you can aim to have your student loans resolved by around age 40.
9. Turn Down Your Water Heater
When was the last time you checked your water heater’s temperature?
Water heaters are often set around 140°F, according to contributor Scott Alan Turner. While hot water helps limit bacteria, lowering the thermostat to about 120°F is usually adequate and can save energy.
10. Know Your Light Bulbs
The Department of Energy estimates lighting accounts for roughly 5% of household energy use. Swapping to energy-efficient bulbs can cut about $75 from your yearly energy bill.
Options like compact fluorescent lamps (CFLs) and light-emitting diodes (LEDs) cost more up front than traditional bulbs, but they last longer and use less power, so the investment pays off.
*EarnIn is a financial technology company, not a bank. Access subject to available earnings, Daily Max and Pay Period Max. Restrictions and/or third-party fees may apply, see EarnIn.com/TOS for details.
**EarnIn does not charge hidden fees for use of its services. EarnIn does not charge interest on Cash Outs. Restrictions and/or third-party fees may apply, see EarnIn.com/TOS for details.
Looking for more ways to build a robust safety net? Consider setting a goal like a 12 month emergency fund to give yourself long-term peace of mind.
