How do you manage to rise the emergency fund when you are financial constrained?

[Stardom22]

It's very difficult for one to manage to keep some emergency fund while they are being financial burdened. We normally see that happening to the low to middle income earners for sure.

 

[eLdavis]

In cases like this, certain sacrifices has to be made, like for example instead of eating three times a day, you can opt for two times or once. Just to be able to cut out some extra funds.

 

[Springtime]

That's why it is important to save. When there is emergency, you can use some of your savings. If you have no savings, I think you have to borrow money to deal with the emergency.

 

[Suba]

If you are facing financial constraints, then you should make emergency funds a top priority by evaluating expenses and reducing non-essential expenses, creating a side hustle, and making sure you can always allocate some funds, even if small, as an emergency fund.

 

[Laurentta]

When i'm financially constrained, i raise emergency funds by seeking help from my friends and family members.

 

[Nomad]

The only solution to this is work harder, extra hours, to make more money, and cut cost to save more money

 

[Augusta]

Building an emergency fund while facing financial constraints can be challenging, but it's essential for long-term financial stability to
determine how much you want to save in your emergency fund. A common goal is to cover months of living expenses.

 

[magnus2022]

The only solution to this is work harder, extra hours, to make more money, and cut cost to save more money

I don't advice people to work harder, i advice people to work smartly and be making cool money with your brain.

 

[Augusta]

it is to have a side hustle or additional income stream to boost your earnings and accelerate your savings goal.

 

[freelancermaria]

Building an emergency fund can be challenging when you're facing financial constraints. Ensure to manage your finances wisely by limiting purchases on non-essential items and looking for opportunities to increase your income.

 

[Augusta]

Set up automatic transfers from your checking account to a dedicated savings account each payday to ensure regular contributions.