One of my strongest recommendations for people trying to get out of debt, beside goal setting, and planning is the emergency fund.
See this post for more information about the super-duper emergency fund, that I recommend all of you have and the reasons why. For today’s post, I want to give you a few options for how to raise an emergency fund account in a hurry.
- For nurses, overtime is frequently available. On one of the wards that I work, there was a sign about overtime available to work the night shift, because of a temporary nursing shortage on that wing. Two or three extra shifts at time and a half, can raise a thousand bucks for a small emergency fund in a hurry.
- Sell books and text books. See this blog post from Money Blue Book on helpful hints for those of you who haven’t sold any books online before.
- Have a yard sale-while this tried and true method for raising a few bucks may seem old hat, in this economy people are shopping more than ever for a bargain. Go in with friends, and make it a fun day, in addition it will help clean out a few closets.
- A second job-if overtime is not available-and these days those overtime shifts can be harder to come by, a second job working an extra weekend a month, or a couple of shifts extra on your off days-can help you pile up emergency cash. Most nurses can find work in their field, but if not delivering pizzas or other short term work can help fill the coffers-remember this is for emergencies!
- Sell a toy-(no I didn’t say sell your boy). If you have a Harley, boat, extra vehicle, jet ski ……. You get the idea. Put it on the block. Do an internet search to find out the going price and get it gone. If you have no emergency money, you have no business with a toy or toys anyway-and you need to be working extra right now, not playing.
So look at the above list and find which way suits you to help build your emergency fund. Maybe do some of it all-having a cash cushion or margin can be a life saver for those of you trying to work your way out of debt. It can be the difference between just a bad day-having to dip into savings for a new set of tires, or an expensive medical emergency. Compare that to blowing weeks or months of hard work trying to lower your debt, then having to reach for the old credit card to pay for an emergency expense-then having to start all over.
Good luck!
For more ideas for “Emergency Money Resucitation” go to my website for my free ebook, packed with money-saving ideas.
Tags: " personal finance for nurses", Emegency funds, emergency savings
