Frugal Friday - Week 9 - Maximising Your Savings: Tips for Building an Emergency Fund

Tip 1: Start by setting a realistic emergency fund target (e.g., £1,000 or 3 months of expenses). Set up automatic transfers to your savings account each month to make saving easier and more consistent.

Tip 2: Review your monthly spending and identify areas where you can cut back, such as eating out less or cancelling unused subscriptions. Use the savings to bulk up your emergency fund.

Tip 3: Any unexpected money, such as tax refunds, work bonuses, or gifts, should go straight into your emergency fund. This will help it grow quickly and give you peace of mind.