Many people will have to deal with some unexpected costs at some point in their life. It could be a car breaking down or needing to pass the MOT. It could be loss of income because of sickness or unemployment. Heck, after all that 2020 has thrown at us, who knows what could happen. Having money that is set aside can help to make any emergencies easier to deal with, helping to alleviate any stress.
When you have some unexpected costs that can push you into some debt, or make any existing debts harder to deal with. Although you can look for things like payday loans, it is a good idea to have a ‘rainy day’ fund ready to go. So here are some of the things that you can do to be able to set up and start an emergency fund, if you don’t already have one.
It is so important to check how much you are spending each month. Although you might have a budget, sometimes you can overspend on it each month. When you keep checking on it, then you can see where and when you will be able to save money.
Put any small change in a jar
You might be using less cash at the moment, but at the end of each month, it is a good idea to put any coins that you have into a jar, which can then be put aside for your savings account. Some supermarkets also have coin deposit machines where you can get bigger notes or coins, in exchange for your smaller notes and coins.
Save up your coins digitally
There are a number of apps that you can use for banking, that can help you to monitor your spending. These apps can help you to round up any of your purchases to the nearest pound, so it can be helpful to use the difference for a savings pot. So that can be something that is simple and straightforward and can help to generate a small amount of savings.
Get money off bills and online purchases
When was the last time that you switched your energy provider? When you switch providers regularly, within the terms so that you don’t get cancellation fees, it can help to save you hundreds each year. The main things to check on and switch are your gas bills and your electricity bills. The same can be said for your mobile phone contract and broadband. Using comparison sites can be a really good idea, to see what options there are out there. Cashback sites are also another way to earn some money from online purchases. It is simple to do and all you have to do is click-through a website.
Of course, you need to want to save money and make some changes to your spending. So that is the first step. From there, you can see what options are going to work best for you, in order to get the savings that you want. Choosing a good bank account to save the money in is another thing to consider.
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