$500 is a lot of money for most Americans. Fact is, 37% of U.S. households don’t have that kind of money lying around for emergency expenses, according to the Federal Reserve. When people don’t have the money for an unexpected but necessary bill, they tend to put it on a credit card and hope to pay for it later. To help you plan ahead instead of going into debt, we’ve come up with 3 tips you can use to build a $500 emergency savings account in just 30 days. Ready? Let’s go!
1- 30-Day Pantry Challenge
Instead of buying groceries, plan every meal around what you have in your pantry and cupboards. If you must get groceries, only buy the staples (bread, milk, eggs, etc.). With the average U.S. household spending $400 per person per month on food, your savings will add up fast.
(Puts up to $400 into Emergency Savings)
2- Pause All Subscriptions and Memberships for 30 Days
The average person will spend upwards of $40 per month on a gym membership and another $70 a month on movie, television, and music subscriptions. If you pause all of yours, how much could you add to your emergency savings?
(Puts up to $110 into Emergency Savings)
3- Redeem Rewards Points
The average person has upwards of $45 in cash-back points available from their current credit card. If you have cash-back points available, redeem them and put that money into emergency savings.
(Puts up to $45 into Emergency Savings)
That comes to a total of $555 in just 30 days. How much can you save for a rainy day?
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