Saving thousands of pounds can seem like an impossible task but there are many ways in which you can build your fund.
Sell things from around the home
Take a look around you right now. I bet there are things that you no longer need or use. Work your way around your home and put together everything you know you don’t need. Then sell it on Ebay or Facebook Marketplace. I made £100s by doing this and I put it all toward our emergency fund.
Use your tax refund
If you’re self-employed and get a tax refund put it straight into your emergency fund pot.
Take on a side-hustle
I took up matched betting and made thousands! It’s a seriously good earner and I honestly don’t know why more people don’t do it. All of your earning are totally tax-free and it’s good fun too. Take a look at my post on matched betting.
Take on a second job
I know, I know. You’re already busy and don’t seem to have a second to spare. I get it. But this is a great way to earn some extra money for your fund. It’s not forever and you might even like it! Or if you can’t take on a second job can you increase your hours at your current job?
Gifts
Whenever you receive cash as a gift chuck it into your fund. Boring I know but again, it’s not forever.
Wow! Thank you so much for these blog post loved reading it and i am trying now, working on my emergency fund, but can i ask, do you have different funds, i would like tonset up a Christmas fund for 2021.
Thanks
Kathryn.x
You’re welcome 🙂 Yes, I do. As well my emergency fund I have ‘sinking funds’ (I have a blog post on sinking funds too – just type sinking funds into the search bar). I have around 6 different ‘pots’ – like mini saving accounts – and I add to them weekly. For example, I have a Christmas pot and add weekly to that so I have enough saved by the time Xmas comes around. You can do this for car repairs, home repairs, holidays etc xx
One way to build up your emergency fund is to take online surveys. I manage to make about £80/90 a month which goes straight into my savings account. Have made quite a bit during this whole pandemic!
Totally agree. Online surveys are a great way to make money! Well done for having the discipline to send that money straight to your savings 🙂
Which online surveys do you take and how do you know if they are legitimate? I have tried signing up but there are so many spam ones I get inundated with spam
I tend to use Prolific mainly as they offer regular, interesting and easy surveys and have a low cash-out value too. Before you start make sure you set up an email address dedicated to your survey side hustle otherwise your personal account will be inundated. Steer clear of any site that asks you to part with money. I have not once parted with money and am able to easily earn £30 per month. Take a look at my blog post on surveys for more info x