Yeah, I know. $16.66 per day. Totally random number, right? Actually, it’s not. Did you know that if you saved just $16.66 per day that you could build an emergency fund with $1,000 in it in 60 days? No joke! $1,000 can seem like a HUGE number…at least it does to me and I’m fairly certain I’m not the only one that thinks that way (although I very well could be and in that case, I apologize for being presumptuous.)
Sixteen dollars per day. $16! Seems like it should take a whole lot more to build up a savings like that, doesn’t it?
We all know that we should have an emergency fund for those pop up expenses that well…pop up. What seems to be a common thought pattern though is that you “can’t save that much because you don’t have it in your budget.” Stop thinking like that!
$16.66 per day.
“But Stacy! I-”
Nope.$16.66 per day.
That’s it! No huge deposits needed, no massive sacrifices needed, no pain. Just a tiny bit of work to build your emergency fund.
I can hear you asking, “okay, that’s all fine and dandy, but I can barely pay my bills! How am I supposed to save $16.66 each day?”
Let’s look at some easy cuts you could make to save it: Do you get coffee every morning? That accounts for $5.00 if you buy from Starbucks. If not, you can figure on $2-3.00. How many loads of laundry do you dry each day? Hang dry them and you’ll save a minimum of $5.00. Speaking of laundry, make your own detergent and you’ll save a minimum of $4.00 per month (based on 50oz bottles at a price of $2.00 per bottle), however, I suspect most of us use more than 2 bottles of detergent in a month. Use a site like InstaGC to earn free Walmart cards. Use those Walmart cards in place of cash in your grocery budget. Bank the cash. (You can actually earn quite a bit with this site. I showed you how I use it to add $225.00 extra to my budget every month in my post here.)
Pack the kids lunch instead of letting them buy. At an average of $2.00 per day, you’ll save $10.00 per kid each week.
Use an automatic (and insured) savings program like Digit to help save small amounts that you won’t even notice.
Go through your kids closets and get rid of clothes that no longer fit or that are never worn on an online consignment shop like Swap.com. At an minimum price of $3.00 per piece, just 10 items gives you (2) days worth of your savings!
See? Saving that cash that you need is really not hard to do when you give it a good go. You could easily build your emergency fund in just 60 days if you buckle down. It’s $16.66 per day. You can do it! I have faith in you. 🙂
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