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Ways to replenish your emergency fund
The best part about having an emergency fund is the peace of mind it provides. When you wake up one morning to a burst water pipe in the basement, you don’t have to freak out. You have the cash to cover the repair. But what happens after that fund has been depleted? It’s time to rebuild it and that accompanying peaceful mind. Here are some ways to do just that.
- Revamp Your Budget. Dig out the ol’ budget and give it an update. Trim from non-essential expenses like dining out or entertainment. Haven’t been to the gym in a month? Time to cut it and start jogging outside. Trim your budget’s fat and then use that cash to pad your emergency fund. Once your fund is back up to speed, go ahead and join the gym again. Only this time, please use it.
- Cut a Big Expense. If possible, cut a big expense and use that money to replenish the emergency fund. If you spend a fortune on groceries, get to coupon clipping. If you work close enough to your job that you can walk, bike or take mass transit, consider selling your car.
- Sell Your Stuff. As USA Today reports, everyone has things that they don’t use or need. Sell what you can and use that cash for your fund. That TV in the basement that hasn’t been used in months can put you on the right track. Maybe you have an old bike that could fetch $50 or so. Every little bit helps.
- Start a Side Hustle. If you have the time, take on a second job for a few months. Maybe you waited tables in college and miss that hustle and bustle. (Or maybe you don’t miss it, exactly, but are willing to do it again for this purpose.) Take on some weekend shifts and next thing you know your emergency fund will be back to normal.
