How to Rebuild Your Emergency Fund

How to Rebuild Your Emergency Fund

Ah, snap. Things were going so nicely. You felt like you had your life together. And then . . . it happens. It meaning your water heater busts, your car manages to get two flat tires, and you crack a tooth . . . why?

Thankfully, you had an emergency fund. Unthankfully, now you don’t. It feels good to pay cash to fix the problem, but then your emergency fund is drained—and now what?

Now you go all Rocky Balboa on it and run up a bunch of stairs chanting, “It ain’t about how hard you hit. It’s about how hard you can get hit and keep moving forward.” Meaning, you rebuild that emergency fund.

There’s no shame in that game. This is what the fund is for—emergencies. It did its job—and well—so get back on those stairs and show life you’re going to keep moving forward. You will rebuild your emergency fund.

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Piggy bank with money all around it

Everything You Need to Know About a Fully Funded Emergency Fund

You’ve stashed $1,000 away. You’ve paid off your debt. (Seriously? Bravo! That’s incredible.) Now what?

You’re ready to start your fully funded emergency fund (aka Baby Step 3). This is the unglamorous, but necessary, super-money-saving stage. Why isn’t it glamorous? There’s no paid in full stamp along the path and no debt-free scream at the end of your goal. But what it lacks in charisma it makes up for in confidence.

Your grandmother taught you to save for a rainy day because guess what? It rains. Once your $1,000 starter emergency fund is in place, you’re in a better situation to handle a financial rainy day, but you aren’t secure against a downpour or, God forbid, a flood.

That’s why Baby Step 3 exists: You’re out of debt now, and you don’t need a downpour to push you back under.  

But who, what, when, where, how, and why? Don’t worry—we’ve got those answers!

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What is a Sinking Fund?

What is a Sinking Fund?

Money doesn’t come easy. We learn this truth when our first real paycheck falls far below our youthful expectations.

And what about managing money? That doesn’t come easy, either. We have to be purposeful and intentional if we hope to give, save and spend wisely.

One way to be intentional is to set up a sinking fund in your budget.

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Easy Ways to Boost Your Income

Easy Ways to Boost Your Income

It’s probably no surprise to you that along with eating healthier and exercising more, many Americans are aiming to save money in 2018.¹ Are you one of them? Good news. We can help!

We’ll even let you in on a little secret: While you can certainly save money by spending less, you can hit your savings goals sooner by making more.

So, with whatever you’re saving for in mind—a home, a wedding, an emergency fund, aonce-in-a-lifetime trip, a new car, a couch, retirement, the ability to be more generous—get to work boosting your income and make 2018 the year you reach your savings goal.

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7 Tips That Helped These Real Budgeters Save Money

7 Tips That Helped These Real Budgeters Save Money

Ah, saving money. Whether you call it a nest egg, a stash, or a rainy day fund, most of us feel comforted by having an extra cushion between us and life’s next emergency. But following through with building up that stockpile of cash can be easier said than done.

If your emergency fund is currently at zero, begin adding to it little by little. You might be surprised at how soon you reach your savings goal. You can do it!

Our EveryDollar budgeters, armed with the power of their budgets in hand, are creating their own savings goals. And it’s paying off! We asked them to share their words of wisdom when it comes to saving money.

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