0
What is the best way to start building an emergency fund when living paycheck to paycheck?
I'm currently living paycheck to paycheck in Ohio and I know I need an emergency fund but it feels impossible. I make about $2,800 a month after taxes and my expenses take up almost everything. Any practical tips from people who have been in similar situations?
Login to comment
1 Answer
0
Best -->
I was in the exact same boat a couple years ago. Here's what worked for me:
- Start ridiculously small - I began with just $25 per paycheck. It felt pointless at first but it builds the habit.
- Automate it - Set up automatic transfers the day after payday. If you never see it, you won't miss it.
- Use a separate bank - I opened an online savings account at a different bank so it wasn't easy to transfer back.
- Sell stuff you don't need - I made about $400 selling things on Facebook Marketplace and that kickstarted my fund.
- Pick up a side gig temporarily - I did DoorDash on weekends for 3 months just to build my cushion.
The goal is just $1,000 to start. Once you hit that, the momentum keeps you going. Took me 8 months but I got there.
396
Views
1
Answers
0
Votes
Asked By
John Smith
282 reputation
Related Questions
Best way to track monthly expenses without spending hours on...
Bank closed my account with no explanation - is this legal?
Balance transfer cards - worth it or just kicking the can do...
Car insurance went up 40% at renewal - is this normal or sho...
How do I get out of k credit card debt without ruining my cr...
Topic
Personal Finance
Browse more questions in this topic
Hot Questions
-
How do I validate a startup idea before quitting m...
878 views -
Is Duolingo actually effective for learning a lang...
878 views -
Why is my WiFi so slow even though I have fast int...
878 views -
Side hustle vs full business - when do you make th...
767 views -
Are online degrees taken seriously by employers?
767 views
Top Users
-
1
1,000
-
2
320
-
3
282
-
4
270
-
5
255
Recent Blogs
View All
Credit Card Types Explained: Cash Back vs Travel v...
73 โข
39
I Tested 7 Web Hosts for 6 Months - Here Is My Bru...
12 โข
0
The Sunday Reset That Changed My Entire Week
1,570 โข
89
What I Learned From a Year Without Buying New Clot...
1,550 โข
98
Why I Stopped Using Budgeting Apps and What I Do I...
991 โข
67
Recent Activity
-
Stephanie White answered
What is the hardest language for English... -
Brittany Thomas asked
Remote team management - how do you know... -
Christopher Miller answered
Which Linux distribution would you recom... -
Ashley Davis answered
Best way to track monthly expenses witho... -
David Jones asked
What's the best programming language to ...