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Having an emergency fund is a must in today’s uncertain times. However, for many people, it is something that seems like an unachievable goal. One reason may be that you have no savings at all.

While creating an emergency fund from scratch can seem difficult, it doesn’t have to be. Even though statistics show that 69% of Americans have less than $1,000 in savings, it doesn’t mean you have to join this group. While helpful financial tips can be found by reaching out to financial experts like Kirk Chewning, some other tips can be found below.

Open an Account for Your Emergency Fund

If you want to save money, you must adjust your mindset and set your intentions to start saving. Even if you don’t have any cash to put aside immediately, setting your intention means you have started thinking about it. If you are actively thinking about something, then you are much more likely to act as needed and achieve it.

One way to keep saving for your emergency fund top of mind is to open an account dedicated to it. When you open an account, you have set your intention. This is necessary no matter if you have money to fund it right now or not.

When you do have extra money you can save, you have a place to put it. Without this account, you are much more likely to spend the money that you planned to save.

Make Saving Money Part of Your Budget

You can read all types of financial articles, rely on data science, and do your homework when it comes to improving your financial situation, but if you don’t have a budget, you are probably working against yourself. It’s important to create a budget that includes savings as part of the plan.

After you have determined what budget categories you need, you should ensure “emergency cash” is included. Doing this will help you figure out the amount you can put aside when you are paid to fund the savings account you have opened.

Even if you have a variable income, you can still create a budget and save. The key is to determine what you will earn before it is spent, so you don’t overspend. Create a list of your monthly expenses, and then figure out what you need. The money leftover (or a portion of it) can be sent to savings every month.

Start Now

While you may only have a few dollars left at the end of the month, it doesn’t mean you should avoid saving altogether. Go ahead and put that back, no matter how little it is. You have to start somewhere, and even putting $10 in your savings account will help encourage you to continue saving.

Creating an Emergency Fund

As you can see, there are more than a few steps you can take to create an emergency fund. Use the tips here to get started today. Doing so is going beneficial and helps ensure you make the most of the money you have.

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