in an emergency fund. This means if your monthly minimum expenses are $4,000, you'd need to save around $12,000 to cover three months. Saving large lump-sum amounts of money can seem motivating, but it can also be intimidating if you're just starting out.I chose to start with a "baby" emergency fund because, let's face it — we all have to start somewhere. Saving something is better than nothing, and I like to break bigger goals down into more realistic milestones.
Suddenly, $50 cut from grocery spending, $100 cut from dining out, and a few canceled subscriptions added up to a reasonable amount. This freed up money that could be redirected to savings. In my case, I had time to pick up a flexible side hustle, but I know some people may not. Either way, leveraging one-time extra income opportunities helped me grow my savings account balance fast.
Any other windfalls that I received went straight to savings, whether it was a tax refund, a credit from a bill company, birthday money, etc. Getting a one-time income boost made me realize that what I really wanted to do was diversify my income and increase my earnings regularly. Earning extra money is one of the best ways to expedite any financial goal you have.
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