Does Your Family Need Emergency Funds? Check Out These 10 Strategies

Babies have it easy. They don’t have to worry about budgets or bills, so they can sleep soundly at night. 

If you’re losing sleep over your finances, or are just tired of the check-to-check thrill ride, we’ve got 10 practical strategies for building an emergency fund — so you can sleep like a baby.

1. Give Your Money the Cold Shoulder

One way to recalibrate your spending habits is to participate in a spending freeze.

Step 1: Pick a month — or even year. Penny Hoarder Jamie Cattanach chose November in hopes of taming her holiday spending.

Step 2: Don’t spend money on nonessentials during the freeze. Definitely still pay rent, your utilities — all those responsible grown-up bills — but don’t spend anything on entertainment, clothing or dining out.

Sure, it’ll be difficult; you’ll face temptations. But Cattanach finished the challenge and saved at least $600 in one month.

2. See Where All Your Money’s Going

No matter how much money you make, the first thing you should do is create a solid budget. It’s important to first get a clear idea of where your money is going, then create a plan and stick to it.

We get it, though. Budgeting isn’t fun. But you don’t need to spend hours on end playing with complicated Excel equations. The 50/20/30 budgeting method makes it super easy. It’s one of the most straightforward budgeting strategies, and it offers a lot of flexibility.

Here’s how it works:

• 50% of your income goes toward essentials.
• 20% goes toward financial goals.
• 30% goes toward personal spending.

Once you get the hang of it, you can tweak the ratios to fit your specific situation. Some people like to put more toward their savings, while others need a bit more for expenses. Take some time to find what works best for you and your goals.

3. See if You Can Cut Your Credit Card Interest Rate by 70%

Every month, you make payments toward your credit card debt. But you never seem to make a dent. It’s because of those sky-high interest rates — as much as 24% interest. It can feel impossible to get ahead.

But MoneyLion could help you find offers to cut your interest rate by 70% as soon as tomorrow.

Here’s how it works: MoneyLion can match you with new loan offers at a lower interest rate — as low as 5.20% APR*. That’s 70%* lower than the average credit card interest rate. And it’s the key to finally getting ahead.

You can use this new loan to pay off all your existing credit card debt, leaving you with one (cheaper) monthly payment that will help you get out of debt faster.

If you have a credit score of at least 620, you could get up to $100,000. With no collateral. And terms go up to 144 months.

Worried you won’t qualify? Take two minutes to check online and see if you could cut your credit card interest rate by 70%.

*Based on creditworthiness. Average credit card interest rate is 24.72% as of 8/14/24, according to Forbes Advisor’s weekly credit card rates report.

4. Download Store Loyalty Apps

Does your preferred grocery store have an app? It’ll probably help you save.

You can save at Walmart, for example, using its Savings Catcher app. You can make a shopping list, check in-store and online prices and peek at the weekly ad. You can also scan your receipt in the app to automatically find price-match comparisons for cash back.

5. Earn $300/Week for Pretending to Shop for Yourself

Wouldn’t it be easier if you could get paid as soon as you earned your money? You’d have the financial flexibility to pay bills on time, have gas money for work, and even build an emergency fund.

You can! With an app called EarnIn, you can get early access to your pay. You don’t pay interest and there aren’t any mandatory fees — you can access up to $750 per pay period*.

To get started, simply link your bank account to verify you’re employed with a consistent paycheck, and then you’re good to go. You can transfer up to $100 a day (or up to $750 per pay period) to your linked bank account. 

When your payday comes, whatever you transferred from EarnIn is automatically repaid, plus optional tips and fees. You won’t be charged any interest, and there are no mandatory fees**. 

Over $15 billion in earned wages have been accessed through EarnIn, helping countless hard-working people bridge the gap between pay periods without resorting to debt. 

End the paycheck-to-paycheck grind. Download the EarnIn app today and access your hard-earned money when you need it the most.

6. Conduct Your Own Energy Audit

You can hire someone to come in and perform an energy audit. This in-home assessment will help make sure your house is as energy efficient as possible.

Some utility companies offer this service for free, but of course they’ll try to sell you products and services. If you want to perform your own energy audit, there are some simple DIY measures you can take.

7. Get Up to $100,000 From This Company

Need a little extra cash to pay off credit card debt, remodel your house or to buy a big purchase?

We found a company willing to help.

Here’s how it works: If your credit score is at least 620, AmOne can help you borrow up to $50,000 (no collateral needed) with fixed rates starting at 5.99% and terms from 6 to 144 months.

AmOne won’t make you stand in line or call a bank. And if you’re worried you won’t qualify, it’s free to check online. It takes just two minutes, and it could save you thousands of dollars.

Totally worth it.

8. Get Serious About Paying off Your Student Loans

If you’re approaching 30 and still have student loans hanging around, you’re probably getting really, really tired of them.

You don’t have to resign yourself to a lifetime of absurdly high interest rates and exorbitant payments that barely make a dent.

First, if you are trapped in an endless cycle of interest payments, consider consolidating or refinancing your student loans.

Then, follow the rest of these steps to make a student loan repayment plan that works for you — whether that means picking up a side gig or applying for a deferment (or both).

If you still need a little extra motivation after whipping your repayment plan into shape, read about how this guy paid of $35,000 in student loans in just five years.

Now relax! Take a deep breath. We know paying off your student loans can feel pretty daunting. 

But if you buckle down now, you can make it your new goal to have your student loans paid off by 40 (or so).

9. Adjust Your Water Heater Settings

When’s the last time you checked your water heater settings?

Typically, water heaters are set to 140 degrees, reports Penny Hoarder contributor Scott Alan Turner. Sure, you want you water hot to keep bacteria at bay, but adjusting the heater to a cooler 120 degrees will work just as well.

10. Know Your Bulbs

About 5% of your energy budget goes toward lighting, according to the Department of Energy. Switching to energy-efficient light bulbs can save you $75 a year. Not bad.

You’ve got several cost-efficient light bulb choices, including compact fluorescent lights (CFLs) and light-emitting diodes (LEDs). Although both options will be more expensive than traditional blubs upfront, you’ll save enough money to make it worth the investment.

*EarnIn is a financial technology company, not a bank. Subject to your available earnings, Daily Max and Pay Period Max.Restrictions and/or third-party fees may apply, see EarnIn.com/TOS for details.

**EarnIn does not charge hidden fees for use of its services. EarnIn does not charge interest on Cash Outs. Restrictions and/or third-party fees may apply, see EarnIn.com/TOS for details.