Just a quick list of ideas I compiled from the Financial Peace University forum, ways to save up that $1000 emergency fund in a hurry:
1. Cut the cable and get an antenna with an HDTV box (or no tv)
2. Increase insurance deductibles
3. Cancel gym memberships
4. Get rid of the land line phone, or cell phone, keeping only one
5. Get rid of the smartphone and its expensive monthly plan
6. Have a yard sale
7. Sell stuff on Craigslist or eBay.
As Dave says: "Sell so much stuff, the kids think they're next!"
8. Get a part-time job for a few months and put all your income toward the emergency fund
9. Use coupons as much as you can
10. Don't use coupons, buy store brands instead, or buy in bulk at your local food co-op
11. Turn off and unplug electronics not in use; use a power strip to make this easy
12. Hang all clothing to dry; dryers are very expensive to run (50 cents to a dollar a load!)
13. Cook from scratch, make your own mixes, even make cleaning supplies
14. Use the envelope system for any budget areas where you can use cash
15. Pack lunch everyday
16. Cancel any services you can do yourself (cleaning, yard work, etc.)
17. Walk or bike more, drive less
18. Cook for the week on Sundays, bake your bread and snacks, freeze meals
19. Sell everything
20. Adjust tax withholding so you come out even; don't loan the government your money at 0%
21. Use up things you have, such as hobby materials. Knit the yarn, carve the wood, sew the fabric, don't buy more supplies for a while
Some of the things apply to us, few do. We already live very simply, but can always do more as we have to. I thought of number 21 because I'm trying to do that one.
Mostly I think it comes down to, be content with what you have and stop yearning for more--stuff, entertainment, etc.
1. Cut the cable and get an antenna with an HDTV box (or no tv)
2. Increase insurance deductibles
3. Cancel gym memberships
4. Get rid of the land line phone, or cell phone, keeping only one
5. Get rid of the smartphone and its expensive monthly plan
6. Have a yard sale
7. Sell stuff on Craigslist or eBay.
As Dave says: "Sell so much stuff, the kids think they're next!"
8. Get a part-time job for a few months and put all your income toward the emergency fund
9. Use coupons as much as you can
10. Don't use coupons, buy store brands instead, or buy in bulk at your local food co-op
11. Turn off and unplug electronics not in use; use a power strip to make this easy
12. Hang all clothing to dry; dryers are very expensive to run (50 cents to a dollar a load!)
13. Cook from scratch, make your own mixes, even make cleaning supplies
14. Use the envelope system for any budget areas where you can use cash
15. Pack lunch everyday
16. Cancel any services you can do yourself (cleaning, yard work, etc.)
17. Walk or bike more, drive less
18. Cook for the week on Sundays, bake your bread and snacks, freeze meals
19. Sell everything
20. Adjust tax withholding so you come out even; don't loan the government your money at 0%
21. Use up things you have, such as hobby materials. Knit the yarn, carve the wood, sew the fabric, don't buy more supplies for a while
Some of the things apply to us, few do. We already live very simply, but can always do more as we have to. I thought of number 21 because I'm trying to do that one.
Mostly I think it comes down to, be content with what you have and stop yearning for more--stuff, entertainment, etc.
Comments
I think I would, if they would just stop threatening to turn off our utilities - LOL. I am actually pretty happy on a day-to-day basis, with a very frugal lifestyle. I enjoy fixing, building, thrifting, cooking, and gardening. I've lived on cash for almost 20 years. I do most of the stuff on your list. I am happy with Netflix instead of cable, library books, scratch cooking, no dryer. Been walking to do more errands, now that the weather is less frigid. When my SO starts working again, if we continue this level of frugality, we will be able to quickly accumulate an emergency fund, pay off our small amount of debt, and start saving. We do need to do something increase our financial communication as a couple, though.
Micah, I love to hear the stories. That is one of the best things about going through this class--the support and inspiration from others who've been there or are there now. I appreciate you visiting my blog!
Matriarchy, these lists are pretty silly aren't they? I've seen many of them, and while they can have some good ideas, for those living on such limited income in the first place there are few things that qualify. Aside from "get another job", which is often not even possible. I especially get sick of the "give up cable" or "give up the daily latte", since we have neither and couldn't afford to. I do have the smartphone at the moment though, signed up for at a moment I must have been feeling rich. It was "free" except it comes with a $30/month fee for the service, beyond regular cell service. That's a lot. I've enjoyed it, but need to give it up soon.