5 Ways to Fund Your Savings Account When Living Paycheck To Paycheck

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With a tight budget, it can be a challenge to add to a savings account on a regular basis. And while the world is busy buying stuff and spending money, many people are looking for ways to fund their emergency / opportunity savings accounts.

So, here are 5 ways to take BREAK the traditional ways to save and build up your emergency / opportunity savings fund with ease.

B = Be a DUALpreneur (Monetize Your Talents)

If you are a full-time or part-time employee and still need extra cash; instead of getting a 2^nd job, consider being a DUALpreneur (Employee and Entrepreneur) by monetizing your talents. Whether you can cook, clean, teach, tutor, fix things, etc., you can turn your talents into cash with an entrepreneurial venture. Despite what most people think, getting started doesn’t take a lot of money. Some people start off with Network Marketing, while others sell their products using etsy, pinterest or Instagram. Once you start making extra cash, save most of it or as much as possible to build up your emergency / opportunity savings fund.

Related Article: 3 Money Tips When Starting a Side Hustle

R = Refund (Tax Refund That Is)

If you are one of the lucky ones that get a hefty Tax Refund each year, put most or at least half of it in your savings account. I’m not telling you not to spend any of it. Just spend a small portion, pay off a few bills and stash the rest of the cash in that emergency / opportunity savings fund.

E = Evaluate Spending

One of the reasons why many people have minimal or no savings is because they spend it all. However, evaluating spending, using apps like MINT, will help identify where we the money is being spent and areas where spending can be reduced and transfer to the savings account. Starting off with ten dollars a week can eventually turn into stashing $100 or more a month to the emergency / opportunity savings fund.

A = Automate Savings

Sometime we just forget to transfer money into our savings account. Set up a direct deposit of a specific amount to the savings account through your employer or use apps like Digit or Qapital to automate your savings. This is the best way to consistently build up your emergency / opportunity savings fund.

Related Article: 4 Mobile Apps To Help Manage Your Money With Ease

K = Keep the Change

Many banks offer a simple way to add money to your savings account by transfer the difference between what you spend to the nearest dollar. For example, if you spend $1.65, it will round the transaction up to $2.00 and transfer the 35¢ to your savings account. This is a great way to automatically add cash to your emergency / opportunity savings fund.

Using these 5 strategies will help you increase your emergency / opportunity savings fund faster and with stress free, even if you are living paycheck to paycheck.