Here are four ways to rebuild your emergency fund savings.
1. Clean out and sell
Cleaning out your house, garage, and yard can be a lot of work if your accumulated much, but it is a great way to bring in some quick money. Look to bundle lower priced items such as: books and everyday used clothes. Either use an online auction site or take your clothes to your nearest consignment shop.
Believe it or not, there is an underground coffee mug collectors arena online. For example, eBay auction site yields some of the most prolific sales. Coffee mugs that sell really well include anything Disney, vintage restaurant mugs, Starbucks, vintage Pyrex, and mugs with famous people, places, and TV shows themes.
2. Take on a weekend job
If your regular job is on a Monday-Friday schedule, you could look for a part-time weekend job. Retailers and restaurants are often on the search for dependable staff. You can also look for weekend positions in janitorial work or temp staffing positions. There are often various part-time positions available at any business or service that has to operate 24 hours a day, seven days a week. For example, elderly care homes, emergency services, and gas stations all need part-time help.
You won’t make big bucks at most of these jobs, but if you put 100 percent of your weekend paychecks into your emergency fund, you can rebuild it fairly quickly: If you net $150 per weekend, you can save $3,600 in six months of consistent weekend work.
3. Offer your services
Most of us have these incredible talents that are not being put to good use. For those of you with specialized skills or services, make the most of it and take on a side gig. Artists, writers, legal skills you name it.
Whether it is an child in school or adults struggling with their continuing education/ returning to college often need someone to tutor them. Choose a public location (such as a cafe or a library) to meet for your tutoring sessions. StudyPool offers tutoring sessions in over 30 subjects. Online tutors can set their own deadlines and prices. Tutor.com connects you with students of all ages for tutoring sessions covering subjects such as: accounting, economics, and college essay writing. VIPKid specializes in connecting Chinese students with English language instructors. Children are between the ages of 4 and 12. All sessions are one-on-one with an individual via webcam.
4. The Minimalist Lifestyle
Take a hard look at your spending over the course of three to six months, and dedicate an amount to rebuilding your emergency fund. We found Acorns helps us save without breaking a sweat. Invest spare change from everyday purchases.