Looking for an easier way to save your emergency funds, then continue Reading to learn the 3 easy no-stress ways my grandma saves emergency fund!
With more and more blogs, springing up here and there on the internet, teaching people “why and how to save emergency funds,”
I assume that basically everyone understands the need to have an emergency fund in place.
When I was growing up, I did not learn much about saving money because my parents where not very good at saving money, but their own parents were!
I remember on complex occasions where my mom has to run to my grandma for financial assistance, despite, the fact that my Grandma was earning very little, and was not even a college graduate.
In those days, my grandma was a very active woman!
She had a shop where she sells flowers and in the night, she babysits our chiefs daughters.
In the major part of her life, she earned $300 or a little more in a month.
Over the years, she built several streams of incomes.
Her financial lessons where not one of the things I appreciated in her then, until I became a bit older, even until now, I still implement most of her money tactics in my everyday life.
My grandma was very perfect at saving emergency funds, and I remember on countless occasions where we have to run to her during schools periods to give us money for one or more things that I can’t really remember.
But she always had the extras and they were all from an emergency fund!
These are the tactics I want to share with you!
Overtime, I read more and more blogs that get saving emergency funds so complicated that when you do not earn enough money, you just want to pack up the idea.
So here are the three easy no-stress ways my grandma saves emergency fund.
- She saves $40 into different savings account ($20 each)
- She uses her piggy bank to save most of her every day change (cents or naira)
- She has two streams of income.
1) She saved $40 every week into 2 different savings account.
So how did she do this?
In those days, Banks give very little percentage on return for the deposit.
It was very competitive then, each bank with their own incentives and that was what my grandma manipulated to her advantage.
On one bank, saving $20 a week got her almost $800 in a year, while on another, she was able to make close to $1000 in a year.
Her Actionable tip.
After aggregating her earnings every month which was mostly $300 or a little more, she puts aside 40 dollars for each of these savings account.
She ensured she put at least $20 each on a weekly basis in each of these savings account even though she would have been able to just put this money all at once without going through a weekly schedule.
This is to ensure that she actually have money to save after exhausting her weekly budget and other expenses.
and fortunately for her, she was able to stick to a budget that allows her the luxury to be able to save $20 for this accounts on a weekly basis.
But now everything is different.
A good savings account will get you almost $1000 or even more in a year, if you save $20 on a weekly basis.
2) She uses her piggy bank to save most of her change. (3 Easy No-Stress Ways My Grandma Saves Emergency Funds)
There’s no denying, when you can’t beat the habbit of buy things everyday, you’re going to be left with so much change in your hands.
And those change matters!
After all, cents makes dollars!
My grandma had an old-school piggy bank that was just at the top of her refrigerator where she reach out to throw in most of her change that she won’t be needing the following day.
She throws those changes every day she gets back from work, and at the end of the month, she’s able to get a decent amount to add to the money she was saving on a monthly basis.
Every month she brings down the piggy bank, to count what she has gotten and it simply marvelled us all!
It was one of the motivation that propelled me to save my first $30 at age 13.
3) My grandma had two streams of income.
She had a shop where she sells flowers which she goes to during the day and at night, she babysits our chiefs daughters for 2 hours everyday.
Having these two streams of incomes ensures that she’s never broke at any time during the month.
Having these streams of incomes also ensures she sticks to the weekly habit of saving $20.
Having two streams of income is a lifesaver!
It is one of the best ways to generate income that will better serve you everyday.
So these are the 3 easy no-stress ways my grandma saves emergency funds.
What do you think?
How do you save your emergency fund every month?
I myself replicates my grandma’s saving methods, do you think there’s any place I can improve?
3 Easy No-Stress Ways My Grandma Saves Emergency Fund
Let’s start a conversation below!
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