A recent study found that 1 in 3 Americans would not have access to $2,000 in the event of an emergency. Moreover, the study showed that most Americans would be unable to pay a $100 hospital bill without having to go into debt.
Ouch. In other words, if something unexpected were to occur (be it a broken bone or a leaking roof), your family could be in dire financial straits as a result.
Luckily, here at Don’t Waste Your Money, we have found an easy way for Americans of at every income level to save $1,000 by the end of the year. All you have to do is print out this easy-to-follow chart from Medium Sized Family:
It’s easy to get overwhelmed when you think about trying to build up an emergency fund. You think, “Oh my gosh, how am I ever going to save money when I have so many expenses and bills to pay?”
But, this chart is genius because it is a simple visual aid that can help you think about saving in a new light—by focusing on small-scale instead of the intimidating big picture.
Every week, you cross off just one number from the chart, and set aside the corresponding amount of cash. Maybe it will only be $2 (come on, that is doable!).
Maybe it will be $19 or $28 (skip a few lunches out and you’ll have those covered). It doesn’t matter. The goal is simply to make an “X” on just one number a week.
The best part of this visual guide is that the whole family can get involved. The chart is kind of designed like a bingo game board, which makes saving money, dare we say, sort of fun.
Talk to your kids about how if you make pancakes at home instead of going to Denny’s, you can save $20, which means you can put a big “X” on the chart at home. You might even opt for fun stickers instead (kids love stickers!), and this is a great way to teach them about the value of setting aside cash for a rainy day.
Here’s to saving money effortlessly!
[h/t: Business Insider]