In times of economic difficulty, many families are building their own emergency cash funds. The lack of financial empowerment is a worldwide trend. What would happen if you had to find a sum of money for an emergency situation in your life?

An emergency fund is a fund that you have easy access to in times of an emergency. Health complications, vehicle and home repairs, deaths, natural disasters and times of unemployment are the most common reasons to use the monies in your emergency fund. Experts agree that a solid emergency fund will cover your basic needs for at least three months. The key is that the funds are easily accessible.

Start Small and Stay Consistent

While there are a number of ways to begin your emergency cash fund, you will most likely fail if you do not master the art of consistency. Pick an amount that you know is well within your financial reach, even if you think it is small. Picking a small amount and working up when you feel more confident is easier and more effective. It also allows you to practice this new habit immediately because building an emergency fund is a lifestyle and financial habit that you can gradually master.

Make it Automatic

Unlike other lifestyle habits, financial habits can instantly become automatic because you do not have to even think about them. Creating a simple direct deposit every month that is solely for your emergency cash fund is an amazing way to stay on track.

Another Job

If you really want to see your emergency cash fund grow quickly, then consider getting a second job. Fortunately, this second job can be entirely temporary. While it may not feel great, the payoff will be, especially for your future.


You probably have decades of items housed in your closet that you never notice. There are people on sites like eBay that will pay you to remove the clutter from your life. You never know if selling your unused items might replace your day job. Forbes covered a story on how teens became millionaires before they were 20, and one of the teens did it on eBay!

Less Luxury and Hobbies

You might have to deprive yourself of some luxuries until you have a solid emergency cash fund. It might mean less eating out, less hitting the pub with friends or less indulging in your hobby. This tip is also temporary. Remember that you will not even care about your indulgent luxuries in times of true emergencies you can live without them for some time. In the meantime, maybe saving money will become your new hobby.

Paper Tool

Make a simple worksheet detailing your priority monthly expenditure. You should include things like food, electricity, gas, television licence, council tax, travel to work and other important expenses. Within this worksheet include your emergency fund which will now get you started with you emergency fund immediately.

While an emergency fund is not built overnight, it is not impossible. Anyone who truly desires to feel financially empowered with an emergency fund can create one.


Peter has received many accreditation's including many from the Times Online. As founder of You Could Save (2005) , What Stationers (2007) and more recently, Peter Millikin (2018). Peter regularly helps consumers and national organisation ‘save money’. He believes that the only successful way to bring people together online is to provide an open marketplace where people can all work together in a friendly, unbiased environment.

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