Here are 5 methods to save $1000 in an emergency fund, while erasing debt. It is very important to have an emergency fund to deal with all those disasters in life that usually arise at the most inopportune moment. Having an emergency fund gives you the freedom to face a crisis with some calm and reassurance. With money in the bank for an emergency, you won’t have to resort to credit cards for repairs and there will be no stress about how to pay for it.

It is important to establish an emergency fund fairly quickly. And the best way to start is to set a goal. So set a small goal to start with so it’s more achievable. $1000 is a good starting emergency fund.

Here are 5 methods to save $1000:

1.Automatic transfer. Set it up so that $100 is automatically transferred to your emergency fund savings account each month. Determine if it is best to make the transfer at the beginning, middle, or end of each month. This will differ for each family based on when you are paid and when your various bills are due.

2. Save $20 in cash each week. If you are getting out of debt, you must commit to not using credit cards and using cash for purchases. When you get your change back, grab a few bucks here and there and put them aside. Try to “find” $20 a week that you can save for your emergency fund. Include even the loose change you find in this exercise. $20 per week will equal about $100 per month.

3. Temporary part-time work. Get a part-time job to quickly earn your $1,000. Seasonal work often fits this bill. During the summer, take a summer job in the evenings or on weekends. During the fall, many retail stores advertise temporary help to get you through the holiday season. These seasonal jobs are a perfect way to earn money and not be forced to stay at the job or company long term. These types of jobs only last a couple of months and you can probably earn your $1000 within that time frame.

4. Offer your services. If you have a skill set that can easily be put to good use in a part-time side job, you can earn some easy money working nights and weekends from home. Web development, bookkeeping, tax preparation, even helping with spreadsheets are just a few examples that fit into this category. Look at websites like elance.com where you can bid on small jobs and earn a couple hundred bucks. Or start advertising your services on bulletin boards or by word of mouth.

5. Sell something. Find something in your house that you can probably get more than $100 for and sell it. Sell ​​it on eBay or Craigslist. Or advertise it in your local newspaper. Even a car with a blown engine that you don’t want anymore should fetch a couple hundred bucks.

Benefits

Do any of these or a combination of them and you can quickly get up to $1000 and the start of your emergency fund. Stay committed and you could go much further. But the benefit is that you will have created an initial emergency fund where you had nothing before.

negatives

These steps will require time on your part to implement. This is not free money. The cost is your time and energy. However, these are short-term actions that don’t have to last forever. Your goal here is to quickly build an emergency fund or at least start one.

So start building an emergency fund by automatically transferring money, save loose change, get a temporary part-time job, offer your services, or sell something. You can build your emergency fund, erase debtand then build some wealth.