If you are lucky enough to still be employed now is a great time to begin or boost your emergency fund, especially since there are fewer temptations to spend in this time of coronavirus.
Recently The Wall Street Journal published “35 ways to jump-start your emergency savings.” among the suggestions:
If you are paid bi-weekly you get an extra paycheck two months of the year; put that into savings.
Sweatpants tax: when work life returns to normal; charge yourself a sweatpants tax each time you wear those comfy clothes. Put the “tax” into savings. Consistent with commitment strategy of https://www.stickk.com/
Use https://missingmoney.com/en/ to search for unclaimed property or refunds from state treasurers. I found modest sums belonging to my elderly parents and was able to claim the money for them.
Get a credit card that offers points that can be converted to cash and then deposit into savings. I get cash back on two credit cards which reduces the amount I owe: I can put the same amount into savings.
Set up an auto-transfer into savings with a built-in escalator to increase by $ or %.
When you splurge on a purchase put the equivalent amount into savings.
If you have high deductible health insurance with a Health Savings Account, build up the HSA.
Use a round-up app linked to your credit or debit card that rounds up purchases to the next dollar, like Digit https://digit.co/ or Acorns https://www.acorns.com
Increase your income tax withholding and save your refund… But only if you are committed. on the flip side, if you always overpay your taxes, adjust your withholding and set up an automatic deposit to savings of your monthly decrease in withholding.
Assuming you are eating out less, review your credit/debit bills from before the “Stay at home” period and save part of the amount you usually spent on restaurants each month.
Pick one expense each month and cut it from your spending; add to savings.
If you are lucky enough to get a raise; commit the extra monthly amount to savings.
Join “no spend” challenges on social media; benefit from the social support.
Sell something once a month (KSL.com, Craigslist, etc.) and put the amount into savings.
Have your paycheck deposited to saving; transfer the amount needed for expenditures into checking and leave the rest to grow in an online savings account.
If going to work… (not working from home) bring your lunch 2-3 times per week and save the amount you would have spent.
Consider yourself lucky if you are still employed at full salary and commit to sharing some of your fortune with the less fortunate.
Source: Financial Planning for Women