5 Best Practices For Moms To Grow Their Emergency Savings
Moms are the CEOs of the household: they raise the kids, manage the budget, grow emergency savings, and solve all the problems that pop up along the way.
That’s why moms are used to backup plans: an extra snack when kids get hungry, a first-aid kit for playground injuries, a list of emergency numbers on our fridge. Moms are usually prepared. But here’s an important question: how good is your backup plan for financial emergencies?
You need emergency savings to cover sudden important expenses like medical treatment, or house and car repairs, so are your emergency savings in a good shape?
Using the following tips will help you save or raise money more money for your family’s emergency savings, and how getting an online installment loan can buy you the time you need to when you face an emergency without having savings to cover it.
5 Practices To Raise Money For Emergency Savings
1. Re-Examine Your Variable Expenses
There are two types of expenses: fixed and variable expenses. Fixed expenses like rent, insurance premiums, or phone bills have the same amount and due date every month.
Variable expenses are more flexible. You can find ways to lower them and funnel the money into your emergency savings. Here are some examples:
- Food. Look for budget-friendly recipes. Use fruits and vegetables that are in season and find cheaper alternatives to expensive ingredients.
- Groceries. Look for cheaper supermarkets in your area. Stick to a grocery list, and bulk only when these are items your family frequently uses. Look for cheap DIY alternatives to cleaning products—cheaper and has no toxic chemicals, too.
- Clothes. Look at thrift stores or shop during end-of-season sales.
- Personal care. Make DIY beauty facial masks, body scrubs, and hair treatments with cheap ingredients like sugar, salt, coffee grounds, essential oils, and fruit.
- Entertainment. Have a Family Movie Night at home instead of going to the theater. Check cultural centers or community websites for schedules of free concerts or screenings.
- Gasoline. Carpool. Plan your errands so you can cut down on unnecessary trips. It saves money and is more environmentally friendly.
2. Sell Items You Don’t Need
You can clear out the clutter and raise some cash for your emergency savings. And nowadays, you don’t even have to bother with organizing a neighborhood yard sale. You can sell items online and find buyers faster and more conveniently.
There are many websites where you can sell your old stuff. Some are a virtual marketplace where you can sell anything; others specialize in particular types of products, such as books or clothes.
3. Put Emergency Savings Into A Separate Account
If you’re not careful or conscientious, you could end up dipping into your emergency savings every time you need extra cash.
That’s why it’s better to create a separate bank account for your emergency savings. Keep the passbook or debit card in a safe place, so you can quickly withdraw when you really need it. However, don’t carry it around – you’ll always be tempted to use it.
4. Explain Your Goal To The Whole Family
It’s never too early to teach kids about the value of money. Explain (in age-appropriate terms, of course!) what a household budget is, and why it’s important to have emergency savings.
You can ask them to help you brainstorm ideas to save more money. They can help you look for cheap recipes or agree to family rules that can lower the cost of utility bills or gas (ex: turning off the lights when they don’t need it, taking the bus instead of driving).
Your goal to raise emergency savings thus becomes a family effort, so you’re more likely to feel motivated.
5. Know Where To Get Installment Loans Near Me
Ideally, your emergency savings can cover any urgent, unexpected expenses. But if it doesn’t, you may need to have other options ready. One such option that is offered by Wisconsin Auto Title Loans, Inc. is online installment loans Wisconsin.
How To Get Installment Loans Near Me?
Wisconsin Auto Title Loans, Inc. has one of the fastest and simplest processes out there. Here is what you need to do:
- Fill out our inquiry form for a signature installment loan online. You don’t even have to research how to get installment loans near me!
- Talk to our loan representative. Someone from the nearest branch will call you back to explain the loan and answer any questions you may have.
- Submit the requirements. Go to the branch and bring a checking account statement in your name, a recent pay stub, and a government-issued ID. A loan associate will look at your documents to determine if you qualify and the loan amount you qualify for.
- Get your money. After the approval process in the store – which takes 30 minutes– you can get the money on the same day or the following business day.
Get Emergency Cash When You Need It
Growing your emergency savings should always be a top priority on your financial plan. But when you’re in a pinch, it helps to know that you can always get installment loans near me from Wisconsin Auto Title Loans, Inc. Contact us today to find out more. We’re here to help!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.