How to Build a $1000 Emergency Fund in 90 Days or Less

How to build a $1000 emergency fund in 90 days or less.“Your house needs a new air conditioner,” they said. I couldn’t believe it, or afford it if that were true. So I roasted in the 105+ degree Phoenix heat while I saved up $35 for a second opinion. (Yeah, I was pretty broke, and determined not to borrow.)

If only I’d known then what I know now about saving up money fast. I’d have had at least a $1000 emergency fund to draw from like I do now. If you’d like savings to fall back on too, this article walks you through exactly how to build a $1000 emergency fund in 90 days or less.

Step 1: Let go of any limiting beliefs.

If you already believe it’s possible to save up $1000 in 90 days or less, you’re starting off from a great place and can skip to step 2. But if you have any doubts or find yourself thinking “oh but I can’t do that because ______”, read on.

Trust me, I know what it’s like to be struggling to make ends meet. I tried and failed to save a single dollar for the longest time, feeling like a loser when I’d withdraw it. But it is possible for things to change, and get better so that you can save. Believing that and getting rid of the “can’ts” is the first step.

If you catch yourself thinking or saying “I can’t because….”, tell yourself “stop!” instead. (Out loud even!) Then reframe it to something you can believe. That might be, “I may not see how I can save up just yet, but I’m getting closer to making it happen every day.” Or “I’m not going to dwell on that. Right now I’m going to focus on finding ways to do it anyway.” (Then mentally change the subject.) Work on that while you go on to step 2.
Read more

Should I Pay Off Debt or Save for Emergencies?

Should you pay off debt first or save an emergency fund?People often wonder whether they should save up an emergency fund or pay off debt first. It can be hard to know what to do when you’ve got competing priorities, so that’s a common question.

The answer is pretty simple at first glance: everyone absolutely needs an emergency fund, so build a baby emergency fund before focusing on debt reduction. Of course, you’ll want to be sure to continue making the required minimum payments on your debt while doing so.

But there are some other details to consider, like “how much should my emergency fund be?” and other common questions. Let’s start by talking briefly about the different levels of both emergency funds and debts.
Read more

Digit Automates Your Savings Like Magic

Update: On April 11, 2017 Digit sent an email that said (in part): “A monthly subscription will cost $2.99. For all existing users, Digit will remain free for the next 100 days. We are also significantly increasing the Digit Savings Bonus. All customers will now earn a 1% Savings Bonus.” I’ll be back to update this post with my thoughts regarding that in the near future.

Love this! Digit makes it super easy to automatically save and keep tabs on your money. Who knew texting could literally save you money?I pretty much never rave about things the way I’m about to now in this Digit review. (Unless you ask me about my trip to Antarctica – then I won’t shut up.) And I’m not doing so here for the $5 I’ll earn if you sign up through one of my links. I’m writing about Digit because it’s a super awesome way to painlessly save money, so read on for an introduction to a money-related service that I think you’ll love.

Digit is like magic

Ever wish you could save money like magic? Without having to think about it or spend a bunch of time setting things up? Or maybe you’d like to have a friendly little buddy do the saving for you, all while making sure you don’t actually need that money for anything. (You know, except for your future self and family.)

That’s exactly what the Digit savings account does for you. It automates your savings like magic, while keeping you updated daily on your checking account balance to boot. As a bonus, Digit is likeable. (When have you ever heard that about a financial service?)
Read more

How to Build an Emergency Fund in 6 Easy Steps

Exactly how to build an emergency fund in six easy steps.An emergency fund is like your own personal safety net. It’s money that’s there when you need it without having to jump through hoops, wait for outside approval, or pay interest.

(Which reminds me, the idea that it’s smart to get a credit card for emergencies is nuts if you ask me. Get money for that instead. Much better than going into debt when you’re stressed out already! Or anytime really.)

An emergency fund gives you peace of mind when it’s not being used, and it can save your rear when you do need to use it. So how do you build one, especially with all the other pre-existing claims you’ve got on your money?

Here’s how to do so in six easy steps.
Read more