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5 Quick Ways to Save $1000 For a Starter Emergency Fund

1000 dollars baby step 1 emergency fund frugal living money struggles save money side hustles Oct 11, 2020

When my husband and I first started our debt-free journey through Financial Peace University, our first step was to save $1000 for an emergency fund. While it is true that $1000 may not be enough to cover a big expense, having a starter emergency fund relieves the stress of everyday life mishappenings.

Before we had our emergency fund in place, every unexpected expense turned into a fight. We stressed over unexpected medical bills, new tires, and even new clothes and shoes that were needed because our current ones were worn out.

Once we had our starter emergency fund in place, we simply just paid the bill. Sure, we weren’t happy to give up that money but knowing that we had the funds to pay for it instead of putting it on a credit card gave us relief and stopped the money fights.

Here are five ways to quickly save $1000 for a starter emergency fund:

 1. Start a Capital One 360 Account

One of the easiest ways to start saving money is to automate your savings. I love using a Capital One 360 Savings Account and setting up an automatic transfer. The key is to trick yourself into spending that money every month like a bill, but instead, it gets deposited each month into a savings account.

Here’s how it works. Set up an automatic transfer from your main checking account (through a different bank) to your Capital One 360 savings account. Then when you need to withdraw the money, you can either use one of their ATMs to withdraw cash or transfer it back to your main checking account.

2. Flip items for a profit

My husband is great at this one. He will buy items off of Craigslist, Facebook Marketplace, or garage sales for a good price and resell it for a higher price. This usually means that he will buy an item that is not in the greatest condition, restore the item, then resell it back on online marketplace sites. He has done this multiple times with surfboards, electronics, and cars. Once, he flipped a car and made a $700 profit!

3. Make money with your digital skills and experience

Fiverr is an online marketplace that connects buyers and sellers of digital services. It works by allowing individuals to create a professional profile and offer services to interested buyers. Fiverr is a great way to turn your digital talents into cash from the comfort of your home.

4. Get paid for handyman work

This is another one of my husband’s talents. Not only is he a great handyman, but he actually enjoys doing it! Whether it’s yard cleaning, repairs, or woodwork, people will definitely pay for his services. If you’re good at hands-on work and you enjoy it, this might be a right fit for you!

5. Deliver groceries through Instacart

If you’re going out to the grocery store to pick up a few items, why not also get paid for doing it for other people? Back when the pandemic first started, my teenage son was looking to make extra money. Since a lot of places were not hiring, he decided to try Instacart. You can become a shopper within almost 5 days of signing up. You can get paid up to $30/hour just to be a personal shopper!

There are many ways to save up $1000 for your emergency fund– you just need to be creative. Using your talents and interests will undoubtedly come in handy and help you earn that $1000 quickly. This small nest egg will help your financial journey in the long run, as well as give you peace of mind knowing that you don’t have to worry about coughing up your paycheck for unexpected bills. 

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