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    Home » Budget and Money Saving Tips

    How To Start A $1000 Emergency Fund

    Published: Aug 7, 2017 · Modified: Dec 12, 2020 by Candi Elm

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    Save for your emergency fund

    Have you ever wondered how to start a $1000 emergency fund and why you need one? If you want to start a Debt-Free Lifestyle, one of the first steps is your initial emergency fund of $1000.00.

    For more Personal Finance Articles and Budgeting Tips Read Here.

    Save for Emergency Fund

    *This post may contain affiliate links. If you make a purchase, I get a small commission. Please see my disclosure policy for details

    If you are familiar with Dave Ramsey’s 7 baby steps and Total Money Makeover, then you know step one is the $1000.00 emergency fund.

    Don’t let this scare you off and give up before you ever start. Most couples are in debt and feel they have no extra money to create the emergency fund.

    Why You Should Start an $1000 Emergency Account

    First, let’s tackle the reason to have an emergency fund. One of the first things you will do when you decide to change your family tree is to create a budget and start changing your mindset about living debt-free.

    Once you have sat down and created your budget using the every dollar app, is to start saving for your $1000.00 emergency fund. This should be done within the first month. You can do this by selling things in your house, which is the easiest way. Almost every household has things that you can eliminate and raise $1000.00.

    Remember, to get out of debt you will have to make a change in your behavior, mindset, and lifestyle. These are called baby steps and the first step is a quick one. Do whatever it takes to get step one done in one month.

    You will need this emergency fund in order to stop using credit cards. Most people use credit when they have a household emergency that they don’t have the cash for.

    When you create your budget you will account for every category and it should end up with every dollar accounted for. You will now use the cash envelope system.

     

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    Ways to Create your Emergency Fund.

    • Have a garage sale
    • Sell one of your cars
    • Take a short term part-time job
    • Stop eating out for a month
    • Do a once month freeze in spending
    • Lower or raise your thermostat settings for a month
    • Cut your grocery budget for a month and eat from the pantry
    • Use coupons to save money
    • Take on an online project from home
    • Tax Refund

    Whatever it takes to get your emergency fund complete.

    Free yourself, like a gazelle from the hand of the hunter, like a bird from the snare of the fowler. Proverbs 6:5

    Use this verse as your motivation, with the meaning of doing whatever it takes to free yourself from the lender.

    What to do with your Finances after you have Saved them.

    Now that you have your emergency fund in place what do you do with it? When is it ok to use it?

    Don’t use your fund for:

    • Going out to dinner
    • Buying new clothes
    • Gas Money
    • Groceries

    All of these things should be accounted for in your monthly budget. You might have to cut back on going out to eat, shopping, vacations, etc until you have your first 2 baby steps done.

    Save for your emergency fund
    How to save for your emergency fund

    Put your money into a savings account that is readily available. This is not an interest-earning category or account. When you have an emergency, you will need to get the money to take care of your situation right away.

    What you can use this fund for:

    • Car repair
    • Appliance Repair
    • Household repair
    • Something unexpected
    • Hospital expense
    • Tax Payment

    When you withdraw from this account, it needs to be replaced right away. Start over again to build it back up immediately.

    More Money Tools

    • Money and Debt Free Podcasts 
    • Total Money Makeover
    • The Millionaire Next Door
    • Think and Grow Rich
    • The Richest Man in Babylon

    For More Articles Similar to Saving Money:

    • How to Save for Your Sinking Fund
    • How to Automate Your Christmas Fund
    • How to start a Money Savings Plan this year
    • Start a 52 Week Savings Challenge

    More Budget and Money Saving Tips

    • Cash Envelopes: How to Use the Cash Envelope System
    • How to Use a Free Printable Budget Worksheet
    • Save Money By Planning Ahead For Best Deals
    • Best Personal Finance Articles and Tips

    Budget and Money Saving Tips

    About Candi Elm

    Candi Elm is a wife and mom who shares how you can simply create a sweet life with weekly encouragement, recipes, household budgeting, and organizing tips. She currently lives in Southern California while blogging, baking, and living life to the fullest.

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