How to Build a $1000 Emergency Fund

Financial expert Dave Ramsey suggests building a baby emergency fund of $1000 as one of the first steps in his Total Money Makeover. Continue reading to learn how you can quickly build a baby emergency fund.

Difficulty: Easy

Instructions

1. SELL STUFF
   
   Whether you hold a garage sale, list on Craigslist, or sell on eBay, ridding your home of unwanted items by selling them is a great way to start your baby emergency fund.

2. WORK OVERTIME
   
   If your job offers the ability to take on additional hours - do it!

3. GET A JOB
   
   If you're not currently working, take on a job. If you are currently working, take on an additional job.

4. OFFER A SERVICE
   
   Can you mow lawns, cut hair, or prepare taxes? Offer your services to others.

5. CUT EXPENSES
   
   Cutting back on things like eating out, a cable subscription, or shopping as entertainment can free up some dollar for your fund.

Resources

• Dave Ramsey's Total Money Makeover
• The Total Money Makeover Workbook
• The Financial Peace Planner: A Step-by-Step Guide to Restoring Your Family's Financial Health
• More Than Enough: The 10 Keys to Changing Your Financial Destiny
• See Dave Ramsey Live for Free

[bakerthebrand]

on 10/5/2009 I particularly like the Offer a service part. I believe if people learn how to deliever and create value out of nothing, they collect money easier, vs desperation. Good post.