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Ways to Financial Relief - Emergency Fund

Ways to Financial Relief - Emergency Fund

More than half of Americans live paycheck-to-paycheck according to a recent study regardless of income level. The definition of living paycheck-to-paycheck means that an individual would not be able to meet their financial obligations if they became unemployed. 25% of Americans don’t have an emergency fund at all. 40% of Americans don’t have $1,000 available for emergencies and 51% don’t have enough savings to cover expenses for more than a month.

These stats are really important. It shows how expensive everyday living expenses can be and how stressful it is to make ends meet week-to-week, paycheck-to-paycheck and month-to-month. Add unexpected bills, trips to the store, car or home repairs or a true emergency and it’s easy to fall behind.

Here are a few ways you can get started if you are starting from zero or don’t have an emergency fund.

  1. It takes time. Start small. Save just a few dollars each week. It can be $5 or $10 each week. Check to see if your bank offers “round-ups” that rounds up each purchase saving a few cents each transaction and deposits your money into a savings account. If your bank doesn’t offer this, try Acorns. It’s easy and you likely won’t know the difference in your spending.
  2. Take inventory. On average, garage sales make $500 - $1,000. Take just a few hours to go through your closets, attic, drawers, car, garage, etc. Talk with friends and colleagues to see if they have anything they want to donate or get rid of. You’re probably sitting on more cash than you think. Beyond the garage and yard sales, you can sell on Facebook Marketplace, Ebay, Etsy, Neighborly, Next Door, 5-Miles, or other online marketplaces. If you have any old mobile devices, you can sell them on Gazelle.
  3. Start a side-hustle. Seems like everyone has a side hustle these days. There are literally hundreds of side hustles out there so if you have a skill or a few hours per week, try it out. Rent a room on Airbnb, answer question on JustAnswer, freelance on Fiverr or Upwork, mystery shop with Field Agent, become a dog walker for Wags, or start a cleaning or handy service with Thumbtack or Handy.

Imagine if you took the next 4-months and put these into practice: Save a little each week, Take inventory, Start a side hustle then put all of that money into your emergency fund. With discipline and consistency, you could have a growing emergency fund in just a few months. Then how far can you grow it...

If you need a little extra cash to jump start, visit a friendly CashMax store near you. We love our clients and love meeting new customers.

  1. Get pre-approved for a cash advance up to $2,000 or title loan up to $5,000 over the phone from one of our knowledgeable associates.
  2. You can start the process of getting a cash advance or title loan online.
  3. CashMax has 38 convenient locations in Texas to serve you:
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