Building an emergency fund is one of the most important personal finance steps we all have to take, but finding the money for it isn’t always easy. One way to grow that fund is to snowball savings from higher insurance deductibles — slowly but surely increasing the amount you’ve saved.
Photo by Sven Hoppe.
Here’s the plan from the Christian Personal Finance blog: start putting a small amount ($100) every month into a high-interest savings account. After five months, you’ll have $500 and will be able to raise your auto, home or other insurance deductible to $250. Take the subsequent savings on your insurance bill and put it into your emergency fund.
Repeat a few months later to raise your deductible even more and again leverage the savings. For more details hit up the link below.
This is a painless way to build up your emergency fund faster. Have any other suggestions for finding more money for your emergency fund? Let’s hear them in the comments.
How To Make More Money with Your Emergency Fund [Christian Personal Finance]