Build an emergency fund - week 2

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Having an emergency fund is a great stress reliever, and can help you to feel more secure, and less anxious about money.  It will also help you to keep the household running, if an unexpected emergency occurs, but did you know that it can also help you to save money? Yep, it can!  If you have money set aside for emergencies, then you don't have to borrow any money, and therefore don't have to pay any interest charges.

I know that saving for emergencies can seem boring, which can make it seem difficult. It can then be tempting just not to bother!  I have some ideas to help you to make it easier, and I am sharing them with you in a series of 5 blog posts.  If you prefer, you can join the free online challenge, where you will also get the support of all the other women who are completing the challenge too.  

If you haven't seen week 1 of the blog post series, I think that it may help you to create a feeling of excitement about having an emergency fund, so don't forget to check it out. 

Get free bonus materials and track your progress by joining the free online Emergency Fund challenge

Making money

We are having another clear out this week, but this time it's clothes or accessories we are looking for, rather than money.  We're going to start selling unwanted items to help you to increase your emergency fund.    You should also look for any items that you have perhaps bought, changed your mind, but not returned.  Can you return these?

Having a right good clear out of all the clothes in the house is a really cathartic experience.  It helps to generate a positive feeling and is well worth doing.  

However, you may not have time for a full clear out, so you can choose.  Either go down the full route of clearing out your wardrobes OR just do the short cut version and take out the things that you know you can sell.

Where to sell?

It used to be that eBay was the only place to sell clothes/accessories, but there are now masses of options.

A great place to start is Facebook sales and wants pages, because there are no fees and it's really easy to post photos and descriptions.  

If you have designer clothes, then you might find this information useful.

 

build an emergency fund

Task

  • Find and sell or return £50 worth of clothing or accessories
  • If you are struggling to find enough then think about partners and children too.  (I don't mean think about selling them, but.......sometimes it's tempting!)  Have they got clothes or accessories that you could sell? 
  • Bank any money and record your wins in your savings tracker  

Saving money

This week's challenge is based round ONE question.

Do I really NEED it?  

For every single purchase that you think about making this week, I want you to ask - Do I really NEED it? 

There will be occasions that the answer is yes, and that is absolutely fine.  

However, there will be times that the answer is no, so you then have a decision to make.  

What is more important to you? 

 Building your emergency fund, and the benefits that it will bring, or having this item? 

It's up to you to decide.

If there are occasions where you decide NOT to buy the item, then immediately transfer the relevant amount straight into your emergency fund.

how to create an emergency fund

Task

  •   Question every single prospective purchase this week
  •   Record any savings in your savings tracker

 

Get free bonus materials and track your progress by joining the free online Emergency Fund challenge

Eileen X

I am Eileen Adamson, Your Money Sorted coach, working online with UK based professional women, helping them to develop a better relationship with money. Through this, I can help you to create time, freedom and financial security for you and your family.

For more information on how I can help you, please see my coaching courses, my Etsy shop or my Amazon shop.

Eileen Adamson money coach

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