easy way to start an emergency fund - Mothering Forums

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Old 02-01-2008, 02:19 PM - Thread Starter
 
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I read this in Backwoods Home magazine and have just started implementing it last week. We live on cash only so it's really great for those that do. Basically, whenever I make a transaction, I save ALL my change and ALL my 1's. Meaning, I only use 5's and up to pay for anything. At the end of the day the 1's go into an envelope and the change goes into a jar. I've been doing this for only one week and already I've managed to squirrel away $25 in 1's and easily $5 + worth of change. It was painless, it was effortless and Lord knows I would have just wasted it on junk thinking I had a few extra dollars to kill. It's really great, especially for me because I really can't spare much extra money, but this took NO thinking.

Also, the magazine suggested doing the same with 5's or 10's when you want to save up for something. I think I will try that as soon as our CC debt is paid off.

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Old 02-01-2008, 02:35 PM
 
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That's an excellent idea! We are going to set aside $1000 of our tax return to jump start an emergency fund but I will definitely implement this too. It won't hurt to have small bills and change on hand if the power is out or there is some disruption of 'the system', yk?
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Old 02-01-2008, 03:50 PM
 
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I cash!! Every payday I pay myself (my envelopes- actually a coupon organizer) and it's soo much easier and when the $$ has to leave your fingertips you "feel" it more...

I don't save my dollar bills when they're change, but all the coins get put aside!!

Susan- Vegetarian Single Mom to 9 year old twins!!
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