Do you have an emergency account? Do you add money to this on a regular basis? Do you need to get serious about growing the balance?
Like many, you may add a few dollars to this account every now and again. For example, you do this when you have money leftover at the end of the month.
However, if you really want to grow the balance, you need to get serious about adding large chunks as often as possible.
Here are three unique ways to fund an emergency account:
1. Work Bonuses
Do you receive bonus checks from your employer? How about commission checks? If you receive these types of payments, even if only once a year, it’s a good idea to consider adding it to your emergency account.
Since you’re not counting on the money to get by, you can add it to your emergency account without ever knowing it’s gone.
2. Tax Refund
There is nothing better than receiving a tax refund. While you may be tempted to blow the money on a big purchase, such as a vacation or television, don’t hesitate to add the money to your emergency account.
3. Side Job
In today’s day and age, more people than ever are working a side job as a means of earning additional money. Thanks to the internet, there are more opportunities than ever before.
Take any money you earn from your side job and add it to your emergency account. With this approach, you’ll be surprised at how quickly the balance grows.
As you can see, there are many ways to grow your emergency account. With these three ideas, you’re in position to make progress and reach your goals in the near future.
Do you have an emergency account? What methods do you employ for continually growing the balance? Share your thoughts in the comment section below.