Tips for saving an emergency fund

Do you have vex money?

Do you have anything-fit-sup money?

Do you have extra-flex money?

Hmm…you have none? Not to worry, Irorun has you covered. This article will show you actionable tips for saving an emergency fund.

Any amount of money kept separately and used to cover the expense of unexpected situations is an emergency fund.

Life is unpredictable and situations (even ones that you are prepared for) can pop up at any time and surprise you. For instance, in a situation where one loses their job, an emergency fund allows them to live well for a few months while on the search for a new job. It’s almost like insurance for any “what-if” situation that arises.

Living without an emergency fund is similar to living on the edge — the “financial” edge, hoping that you won’t run into any unexpected situation. (That’s very unlikely though).

Being prepared with an emergency fund gives you the confidence that you can tackle any situation life throws at you without stressing about your finances.

Here are a few tips to help you start saving with ease:

Setting up an emergency fund could be likened to budgeting. You calculate all your expenses and set aside an amount for your emergency fund.

You can give yourself a realistic goal, say #20,000/month or #8,000/week. Giving yourself a goal to work towards allows you to put more effort and consideration into creating that emergency fund. We’re cheering for you!

Another tip to help you save for an emergency fund is using the power of technology by “Automatic saving”. You can set up a standing order for a set amount of money to be transferred into your emergency fund account. This way, even if you forget to transfer into the account, your standing order will ensure that money will be transferred into your emergency funds account. See how seamless it is to save money these days.

In today’s highly inflated and recessive economy, it could be hard to squeeze out extra money when you’re trying to live comfortably. Yes, it may be hard doesn’t mean it’s impossible. Every amount helps whether it’s a gift (in the form of money), employee bonus or relief package. These extra cash could be added to your savings especially if you do not have an immediate need or use for them. Money left over from buying your necessities can also be added to boost your emergency funds. The goal is to be financially ready for any August visitor.

Your emergency funds are exactly for that — Emergencies so you should keep them in a place where they can be easily accessible to you when you need them but do try to keep them in a place where you can hold off the temptation of using them. Taking from your emergency funds once can lead you to take from it multiple times. Fight the temptation, ma’am!.

As we mentioned in the beginning, setting up an emergency fund can be likened to budgeting, this means that there is a need for you to cut down on expenses that eat into your finances.

“No one knows tomorrow” that’s why even the wealthy save. Those extra expenses(phone upgrade, restaurant hopping, etc…) can be halted for a moment until you’re able to build a habit of saving for a rainy day.

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