Saving money can be tough, and sometimes getting started is the hardest part. Financial experts say that everyone should have a rainy day fund set aside, and that the fund should include at least six to twelve months worth of living expenses. But how do you do that if you have no money to save?
Sometimes you have to be a little creative, or even tricky, to start putting that money away. No matter how much or how little you make, chances are you can set a few dollars away for a rainy day. Here are some ideas to get you started.
Save Your Change
Piggy banks are not just for kids anymore. You can recreate the fun and excitement of saving coins and watching the total grow by making your own adult version.
When you make a purchase, take the change and put it in your purse or pocket. At the end of each day, empty your pockets and put that money in your adult piggy bank. Whether you use an actually piggy bank or just an old coffee cup, you will be surprised at how fast the money adds up.
When your personal piggy bank is full, just deposit it in your rainy day fund. You do not have to cut back or change your spending habits to make it happen. All you have to do is save your change.
Set Up a Lunch Fund
If you go out to lunch every day, you could be spending thousands of dollars a year without a compelling reason. If you spend just $10 a day on lunch with coworkers, the yearly tab could be $3,000 or more. Chances are you could think of better ways to spend that money – like beefing up your rainy day fund.
If you want to see how much money you have been wasting and how it could be better spent, just set up a lunch fund in your office. Instead of wasting that $10 on greasy takeout food, back a lunch and put the money in the bank instead. By the end of the month you could have hundreds of extra dollars in your rainy day fund – and better food in your stomach.
Downgrade Your Services
Take a close look at your cable bill, your cell phone bill and all your other monthly expenditures. If you spot services you do not recognize, chances are you can live without them.
Call each of your providers and drop the services you do not need or want. It might take you some time on the phone, but at the end of the day you will have hundreds of extra dollars a year. You can take that money and send it straight to your rainy day fund.
Saving for a rainy day is not always easy, but it is important. With so many of us living paycheck to paycheck, putting money aside for an emergency has never been more critical. The ideas above can get you started, and chances are you will come up with other creative ideas once you start saving. +