- Set a monthly savings goal: This will get you into the habit of saving regularly and will make the process less daunting.
- Start small and build up your discipline: One way to do this is to automatically transfer funds to your emergency fund, each time you are paid.
- Save your unexpected income: When you receive bonuses, raises, NHT refunds or retroactive payments, or any monies you may receive unexpectedly, instead of spending it, use it to boost your emergency account.
- Identify supplemental income: If you have the time and willpower, seek a second job, based on your skills, or sell unused items from home to accumulate more money for your emergency fund.
- Assess and adjust. If there’s money left over from your budget at the end of a pay period, move some of it into your emergency fund. If there’s no money left over, then you should re-examine your expenses. Determine what elements of your monthly budgeted spending that you can trim, and you’ll have cash left over to build you emergency fund.
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