With the wide sweeping lockdowns and furloughs hitting America over the past month, many of us are likely experiencing major difficulties covering our monthly expenses.
What about those emergency savings you’ve been told to create since you first graduated college?
Like most people out there, that probably never became a reality. After all, it’s really hard to save given how much it costs just to get by…
Of course, when it comes to saving for emergencies, people want to do it. They just don’t follow through. There is always something in the way.
The percentage of adults who don’t have an emergency savings account is massive.
In fact, according to a 2019 study by the Federal Reserve, about 40% of Americans wouldn’t be able to come up with $400 in a financial emergency.
That’s scary given what we are currently facing with the coronavirus. How nice would it be to have an emergency savings fund right now?
Granted it’s too late this time, but you can always be prepared for the future.
And today I am going to show you how by walking you through some simple ways to grow an emergency savings fund… FAST!
Jeff Williams Weekend Wiretaps Review – Emergency Savings Fund
An emergency fund is simply money you’ve set aside for unforeseen events. Real emergencies like a car wreck or surprise medical situation… or on the extreme side, a worldwide pandemic.
This isn’t for a pop up sale at your favorite store.
The reason to have an emergency fund is simple, you don’t know what’s going to happen. Just look at what we are dealing with right now.
I know I don’t want to live at the mercy of these unforeseen events or the government being able to help out enough to put food on the table… or make my rent.
I want to be sure I can make it comfortably and stress free during times like this… that’s why I have emergency savings.
Jeff Williams Weekend Wiretaps Review – How Much Do You Need?
A general rule of thumb in the financial community is to have an emergency fund with 3-6 months of expenses…
However, there can be some wiggle room within that range.
If you are a single income household, self employed, or commission based… shoot towards the higher end at 6 months.
But if you are a double income household with stable jobs, 3 months of savings might work fine.
Either way, 3 – 6 months of income is no small feat.
Jeff Williams Weekend Wiretaps Review – Build It Fast
First the basics… calculate what you need. Then make a budget and savings goal.
Real quickly you will notice how hard it will be to accomplish this goal with your current budget… and how long it will take to get there.
You might be ready to give up before you even start, but don’t.
It is possible to be prepared and I’ll show you how with a few simple options.
Make cuts in your budget.
One really obvious way is to make cuts in your current budget. Get rid of extra memberships or that daily $5 latte.
Little cuts like that can go a long way. But I know this is probably the least exciting idea you could ever think of.
So on to the next one…
Jeff Williams Weekend Wiretaps Review – Sell something.
While you probably won’t come up 3 months of savings, this is a really great way to jump start your savings fund…
As you go about your life, pay attention and I’m sure you will run across things you rarely if ever use.
This is a great way to get started.
And with resources like Craigslist and Facebook marketplace, it can be really easy to turn them into cold hard cash.
Or maybe you have a lot of stuff laying around. In that case, a good old fashioned garage sale can get the job done.
I really like this idea when it comes to getting started… just getting that first little bit in the bank can put a little momentum behind the cause.
Then you can go on to the next steps to build a larger account.
Jeff Williams Weekend Wiretaps – Side jobs and Second jobs
Even worse than cutting your budget… side jobs or the dreaded second job can be a downright depressing idea.
I’m almost sorry I brought it up as a simple way to grow your account. But it does need to be mentioned as this is an option that can get you a bigger amount of savings.
After all, you need 3 – 6 months worth.
Think about this… mowing a few lawns on the weekend, pet sitting, dog walking, delivering food or being an Uber driver.
Now I’m sure no one here is excited about the idea of pulling extra hours after a long day of work.
But the idea is that you can build an emergency fund quickly and rest a little easier at night knowing you have your emergency savings in place.
Jeff Williams Weekend Wiretaps Review – Just ONE TRADE per week
And now for my favorite way to grow an emergency fund… and yes it’s through trading of course.
But this is not a super active trading strategy. In fact it’s not even daily.
With Weekend Wiretaps I am taking just one trade per week and cashing in on some really big gains…
With growth like that, an emergency fund is as hard to imagine.
And once you get there, the income doesn’t stop. So maybe you want to step up your lifestyle, finally take that family vacation you’ve been dreaming of, get out of debt, or keep saving.
Whatever makes you happy.
And the beauty of the Weekend Wiretaps… it only takes 10 – 15 minutes a week!!!
This strategy is focused around just one trade that I zero in on every Friday afternoon to set me up for a Monday payday.
I send out the alerts and you know exactly when to watch for them… Friday afternoon, so it’s easy to follow.
And since all the major brokers have trading apps for your phone, there’s no reason you have to miss anything.
It doesn’t cost a lot to get started, it doesn’t take a lot of time, and it has allowed me to grow so much more than just an emergency savings fund…
There is nothing like a worldwide pandemic to show how fragile our personal financial positions really are… hopefully this was a wake up call.
Make a change to sure up your financial foundation…