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5 Easy Ways to Sneak More Money Into Your Emergency Fund

by Maurie Backman | Feb. 12, 2021

The Ascent is reader-supported: we may earn a commission from offers on this page. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation.

A piggy bank with hundred-dollar bills sticking out the top.

Image source: Getty Images

Need a healthier emergency fund? Here's how to build one without stress.

We all need money in a savings account for a rainy day. You never know when you might lose your job, get stuck with a home repair, or walk out to your driveway and find that your car won't start.

Without an emergency fund, you could get caught up in serious debt and wreck your finances for years. A better bet is to have three to six months' worth of living expenses stashed away in the bank for the unexpected. And here are a few easy ways to boost your cash reserves -- all without depriving yourself of too much.

1. Maximize your forced pandemic savings

A lot of people have changed their lifestyles during the pandemic. Maybe you're not currently commuting to work, or you've replaced movie theater and restaurant outings with quiet nights at home to stay safe. All of that forced savings could serve as a prime opportunity to pad your emergency fund. Of course, once the pandemic ends, you may need or want to start spending on those expenses again -- and that's okay. The key is to take advantage of forced savings while that's the situation you've been dealt.

2. Cut back on one expense that can be replaced with a cheaper alternative

If you cancel your cell phone plan, you may not have a way to communicate with others. But if you cancel your gym membership, you can still get exercise. Take a look at your budget and see if there's one expense you can replace with a free or low-cost alternative. For example, you may be able to cancel a cable plan that costs $80 a month and sign up for a $15 monthly streaming service instead. And going back to that cell phone example, you probably can't do without a phone completely, but you may be able to sign up for a cheaper plan.

3. Bank your stimulus check

Lawmakers are working to send a third stimulus check to the public. If that comes through, that's an easy way to boost your savings -- provided you don't need the money for essentials like food and medications.

4. Don't spend your tax refund

Most people who file a tax return wind up getting a refund. If you normally get money back from the IRS, sticking it in the bank is a simple way to add to your savings without having to cut back on something else.

5. Save your raise

Did you get a raise this year? If so, you may have been spending that extra money on treats or entertainment. Well, it's time to stop that practice if your emergency fund needs work. The good news is that at this point, you're probably not used to that raise, which means you should be able to live without spending it. Don't take on extra expenses in the near term. Instead, put that paycheck boost into savings until you're happier with the amount of rainy day cash you have.

Emergency savings are essential. Without that money, you could really wind up in a world of debt when life throws unpleasant surprises your way. The good news is that funding your emergency savings may not be as difficult as you'd expect. And once you've managed to get to a level of savings you're happy with, the peace of mind you'll enjoy will be worth any sacrifice you dealt with along the way.

These savings accounts are FDIC insured and can earn you 12x your bank

Many people are missing out on guaranteed returns as their money languishes in a big bank savings account earning next to no interest. Our picks of the best online savings accounts can earn you more than 12x the national average savings account rate. Click here to uncover the best-in-class picks that landed a spot on our shortlist of the best savings accounts for 2021.

Two top online savings account picks

Rates as of Feb. 15, 2021 Ratings Methodology
Logo for CIT Bank Savings Builder
Logo for American Express® High Yield Savings Account
CIT Bank Savings Builder American Express® High Yield Savings Account
Member, FDIC Member, FDIC
Rating image, 5.0 out of 5 stars.
5.0 stars
ToolTip Icon for Star Rating. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 5.0 out of 5 stars.
5.0 stars
ToolTip Icon for Star Rating. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. = Best
= Excellent
= Good
= Fair
= Poor
Open Account

On CIT's Secure Website.

Open Account

On American Express' Secure Website.

Read Review Read Review

APY: Up to 0.40%

APY: 0.50%

Best For: No monthly maintenance fee

Best For: High APY

Min. to earn APY: $25k or $100 monthly deposit for highest tier

Min. to earn APY: $0

About the Author

Maurie Backman
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Maurie Backman is a personal finance writer who covers everything from savings to retirement to healthcare. Her articles have appeared broadly on major outlets such as CNBC, MSN, and Yahoo.

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The Motley Fool has a Disclosure Policy. The Author and/or The Motley Fool may have an interest in companies mentioned.

The Ascent is reader-supported: we may earn a commission from offers on this page. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation.

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