3 guaranteed ways to reach your emergency savings fund goal - Business Insider

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Emergency funds are also essential in the event of an unexpected job loss, as more than 40 million Americans have so far experienced during the COVID-19 pandemic.See Business Insider's picks for the best high-yield savings account » Most of us have had to pay for an unexpected car repair or home repair. Or perhaps you or a family member was injured or sick and you ended up with big medical bills. Either way, it's important to have savings to cover these types of costs.

, many money experts commonly suggest saving a minimum of three months of expenses in emergency savings. I didn't save that much money overnight. Here are three strategies I used myself to reach my emergency fund savings goal:If you work for a company that offers direct deposit for payroll, as most people do, you probably picked the most common option of depositing your full paycheck into your checking account every payday. But that isn't your only option.

By saving a little bit every payday, you're making progress toward that savings goal. Even if you can only afford to save $1 per day, or $5 every week, it's better than not saving anything at all.Living on a budget is a good idea for people of all income levels. Budgets help you predict your expenses and find the money for additional savings and investments. As an added benefit, living on a budget gives you the option to save any lump income that comes your way.

One idea. Employers pay a living wage FFS!

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