4 Tips on How to Save More Money for Emergencies

Three years into the pandemic, you know how important an emergency fund is to your financial well-being. Unfortunately, what you know and do aren’t always in perfect harmony.

Every month, you promise to save more money, yet every month, you wind up spending more than you plan.

This annoying habit can push your finances off-kilter and put you in a vulnerable position. The good news is, that you can break this habit.

Why Are Emergency Savings Mission-Critical?

On the average week, a life without proper savings won’t make much difference. The real problem occurs when you encounter a cursed week when unexpected expenses pile up.

You know the kind: you’re sick enough to need prescription medication, you get caught driving to the pharmacy with a broken taillight, and you come home with a ticket only to realize your dishwasher overflowed while you were out. 

Without savings, you have to think of alternative ways to cover these expenses. If your credit card doesn’t have enough room, you can bridge the gap using an online cash advance. If you don’t know what an advance is, the financial institution MoneyKey makes it easy to compare different cash advances online, including installment loans and line of credit personal loans.

If you’re approved, you can use a cash advance to cover your surprise auto repair or medication in a pinch. But long-term, the lending experts at MoneyKey don’t recommend using online cash advances to replace your savings. It’s a momentary stopgap when you have no other options.

What Can You Do to Save More Money?

The trick to saving more is keeping it simple. Because let’s be honest — balancing your budget is challenging enough. You don’t need to make it harder by overcomplicating your approach to savings. Use as many shortcuts or hacks as you can to simplify this big task.

4 Tips to Make Saving Easier

Here are some ideas to get you started.

1. Go Digital

Managing your finances isn’t an analog task anymore. Modern advancements in tech make it possible to do pretty much anything online these days — from getting a cash advance to saving more money.

If you struggle to track spending and balance your budget with pen and paper, download an app that does it for you. You can find the best free money management app online that consolidates all your finances into one place to see what you need to do to hit your savings goal.

2. Worry about the Small Things

Speaking of goals, the average emergency fund should contain three to six months of living expenses. Are you overwhelmed yet? You may be discouraged by how far you have to go to attain it, and those negative feelings can convince you to give up before you even try.

Goal-setting experts recommend breaking down big goals into smaller steps. This process tears down untouchable goals into more attainable mini-goals.

3. Pay Yourself First

With seemingly one hundred and one types of budgeting methods out there, it’s easy to overlook the Pay Yourself First Method. But it’s a great tool for people who want to save more money.

The PYFM is a trick that involves saving money at the top of a month, right when you get paid. By prioritizing saving, you won’t accidentally spend the cash you promised to your emergency fund on something you don’t need.

4. Automate it

Another great way to avoid overthinking your emergency fund is automation. You can program your bank to take money out of your account automatically. Once you set this rule, you won’t have to lift a finger to save more money.

Bottom line

Saving is challenging but living without a fully stocked emergency fund is difficult, too. Try out these tips to help you simplify savings, so you aren’t left in a lurch when disaster strikes.

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