7 Ways to Sock Away Emergency Cash

A wide variety of money games like this can serve the same purpose.

Increase Your Income

If you have already tapped all the ways that you know how to save money, another option is to make some extra money.

There are a number of ways that you can accomplish this, including finding a part-time job, doing freelance work or starting your own side business.

You can begin a number of jobs that cost very little money to create, and the extra money gained can become your emergency fund.

Sell Stuff

In all likelihood, you have way more stuff in your home than you need. A simple walk around you home looking into the closets, garage and other storage spaces should readily confirm this.

If you haven't used it in the past year, you probably don't need it. Instead of keeping it in storage and letting it gather dust, have a garage sale, put it up for sale on Craigslist or list it as an auction on eBay(EBAY Quote). Set aside any money earned to initiate your emergency fund.

Pay Yourself

The reason that the IRS takes money out of people's paycheck each month is because if they didn't, they know that most people wouldn't have the money to pay their tax bill come April 15. They want to make sure they get their money, so they take it upfront.

You should have the same attitude with your emergency fund and pay yourself first when your paycheck arrives. Have a set amount taken out of each paycheck before you pay any other bills that gets transferred into your emergency fund.