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🆘 Create an Emergency Fund with The Best Apps for Expense Tracking

By Feb 19, 2019

Having extra money is essential. You can easily create an emergency fund by relocating the saving, investing in the fund at the beginning of a month and some quick checkup using one of The Best 10 Apps for Expense Tracking.

An emergency fund should cover 3-6 months of your living expenses. You can quickly calculate costs by doing a monthly tracking and after, you can start building a fund.

You can never know when unexpected expenses might hit you. So be aware that a fund you planned for 6 months will likely be less.

But the important thing is to create an emergency fund so you can cover the expense once it hits.

If you're running on a budget, we bring you three tips to help you steadily create an emergency fund so you can rest easy.

1. Hide The Fund From Yourself

Let's face it--humans are fragile creatures and it's easy to get tempted. So the first thing to do is to hide the emergency fund from yourself.

You should even separate it from your savings and a great way is to open a high-yield online saving account in an online-only bank.

Since these banks save on physical costs like location, they tend to have higher interest rates and that's good for you.

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2. Pay Yourself First

The key to a steady fund building is in small cash drops.

At the beginning of each month put a steady amount in the emergency fund--it can be anything from $10 to $500. The key is to do it.

By doing it at the beginning, rather than after taking care of monthly expenses is you create a steady and constant flow. Like building a house one brick at a time.

3. Discover Cracks In Your Budget

It may not seem like it, but your budget is an income goldmine, you just need to dig. From house to food expenses, there are tiny saving nuggets everywhere.

We suggest apps like Money Manager that allow you to track expenses without wasting time. 

After doing a month of expense tracking, use the same app to create an overview of where you can reach out for the emergency fund cash.

The #1 financial planning, expense tracking and personal finance management app!

Free
  • Free
  • 11.9MB
Money Manager Expense & Budget
  • Money Manager Expense & Budget
  • Money Manager Expense & Budget
  • Money Manager Expense & Budget
  • Money Manager Expense & Budget
  • Money Manager Expense & Budget
  • Money Manager Expense & Budget
  • Money Manager Expense & Budget
  • Money Manager Expense & Budget
  • Money Manager Expense & Budget
  • Money Manager Expense & Budget

The recipe for an emergency fund is simple and has three main ingredients--patience, consistency, and a basic plan.

The hardest part is the first month when you track your expenses, but with one of The Best 10 Apps for Expense Tracking it gets easier.

You don't have to waste less time because everything is on your phone and once you're done with that, it's all about sticking to your own rules.

Finally, give it a couple of months and you'll realize you've created an emergency fund without even noticing.

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