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4 Ways to Quickly Save $500 for an Emergency Fund

 If you had to purchase a new oven or buy a set of tires for your car right now for $500 – could you?

 Per an article published at  http://michaelbaisden.com/living-paycheck-paycheck-half-americans-cant-write-500-check/  most America’s could not!

Having to pay for an emergency puts most Americans in a bind and causes them to make choices to are not always the best options for them.

 Below are 4 things that you can do this month to save $500 quickly for your emergency fund!

 1.    Do not eat out for an entire month! – Short-term pain – long-term gain!  Eating out is NOT a necessity no matter how yummy it feels. On average this could save you about $50 a week!  That is $200 to add to your emergency fund saving!

2.    Make your coffee at home instead of heading to your favorite coffee shop!  This one was the toughest for me!  I LOVE my latte!   I did this for a month and saved around $100.

 3.    Plan your meals for the week so that you are not tempted to eat out or buy groceries on the whim! Planning ahead will allow you to use coupons and buy items that are on sale to make your meals.  I cut coupons from coupon flyers that I receive in the Sunday paper as well as print them off the internet at www.redplum.com.  I also use electronic coupons that find on the following websites/apps:

 a.    Ibotta – this app will allow you to choose coupons for products that you plan to purchase.  Once you make the purchase, you receive credits to your account that can then be cashed out once you reach a total of $20.  The savings add up quickly!  The best part is that you can use paper coupons with these electronic coupons and save double the money!

 b.    www.savingstar.com –  this app works similar to Ibotta where you can choose your coupons and once you purchase the items you will receive credit for the coupon on your account.  With this app once you reach $5, you can cash out.

 c.     https://savingscatcher.walmart.com/ – this app will allow you to get the best deal on your purchases from Walmart.  If you download the app, you can scan your receipt and then Walmart does the rest!  Walmart will search surrounding store sales and if another store is selling an item you purchased for less – Walmart with credit you the difference.  This credit will accumulate on a Walmart gift card until you are ready to use it.

 Meal planning and using coupons can save you an average of $150 a month.

4.    Sell something you do not need or use any longer!  Go through your closet, your kitchen, etc!  Is there something that is still in great condition that you do not wear or use any more?  If so – put it up for sale!  There are apps that can help you with this!  You can use EBay, OfferUp, or have an old fashion yard sale.  Selling something can easily get you at least $50 (and a lot of times more).

The key to being successful is placing the money you save in a savings account or aside in a safe place as soon as you have identified that you have saved it.  Be diligent!  Be purposeful! And you will soon have an emergency fund!  Whenever you have to use your funds – just follow these steps over again to replenish your emergency savings!  You can also learn more about saving $1,000 for an emergency fund by reading Dave Ramsey’s book Total Money Makeover.