SPOKANE, Wash – With rising costs making it harder for many people to save money, financial experts have a new approach that might change how you think about building an emergency fund.
Instead of trying to save thousands of dollars right away, start with just one day.
“People start thinking about saving for the future and having an emergency fund it’s so overwhelming because we think that it’s thousands and thousands of dollars that we need to save right away,” said Amber Speer, a branch manager with Numerica Credit Union.
Start by writing down what you spend in a single day. This includes gas, food, childcare and those little purchases that add up.
“Think about how much are you spending in a day, are you eating out often, are you buying coffees often?” Speer said.
The key is being realistic about your spending habits. Don’t create a budget based on what you’re trying to achieve, start with calculating all the extra purchases too.
“We don’t just want to budget for our bills, we want to make it realistic, so if you are spending and you don’t want to give up that coffee fix absolutely include that in your day of savings,” Speer explained.
Let’s say you spend $50 a day. That number becomes your building block for everything else.
Start small and build momentum. Save enough for three days first. Then work toward a week. Keep stacking these small wins.
“We’re working towards momentum, so it might just be working towards building a day of savings, then we’re working towards a week of savings, then a month, and then a year,” Speer said.
This approach tackles the issue many people have with emergency funds, avoidance. The daily method works for everyone, regardless of income. Someone spending $30 a day needs $90 for a three-day fund, while someone with $75 in daily expenses would save $225.
Financial experts say the most important thing is just getting started. Once you see your emergency fund growing, it becomes easier to keep going toward that traditional three-to-six-month target.
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