The sun has been out for over two weeks now, so we can officially call it Spring up here in Vacationland. There will be plenty of activities to outside to do, but it is important to keep your finances in mind no matter what is going on around us. Following up from yesterday’s post on The “Life Happens Fund,” here are three ways to generate more income to help grow your emergency fund.
Get a part-time job. There are a few benefits to getting a part time job, the greatest of which should be the added income. Take this extra income and devote it entirely to saving up your Life Happens Fund. Another added bonus could be increasing experience in an area you are thinking about working in, discounts on their products, or building other skills you want to work on such as people skills. Remember, this should be seen as only temporary, and the short term loss will grant you long term peace of mind having an emergency fund to fall back on.
Sell stuff. And I do not just mean the old baseball trophies from when you were a kid. This may be pretty self-explanatory, but there are multiple ways these days to buy and sell items. The old fashioned way is having a garage sale, but now you can have a garage sale with the entire state, nation, or even the world by using online tools such as eBay.com, Craigslist.com, or any other myriad of online sites. Your desire to sell items online may even turn into a new business for you, but you will never know until you try it out.
Find space in your budget. If you are keeping track of your budget and
expenses monthly, you will notice that there are a few items that you may overspend each month. Try to reduce your allotted budget for items such as restaurants, cable or other items that you can do without for the short term. With summer coming up, you can save a lot of money by grilling at home as opposed to going out for that steak, and you should enjoy the outdoors as we have been up here in Maine for the past week while the weather is nice. It wasn’t that long ago that we were still below freezing and couch bound, now with this beautiful weather it’s time to go for a walk in the park, a hike on Acadia, or a canoe trip down the Penobscot.
Question: What are some ways that you have been able to increase your Life Happens Fund?