Financial advisors always recommend an emergency fund as a buffer against the unexpected, from job loss to an expense you didn’t see coming. While that’s an ideal scenario, for many people living on already tight budgets, it might seem incredibly difficult to squeeze out the extra funds.
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Building an emergency fund doesn’t have to be a time-intensive endeavor, however. Here, financial experts recommended some low-effort ways to build up that buffer.
Cancel Unused Subscriptions
A simple way to recapture extra funds and put them toward your emergency fund is to sweep up the money you’re wasting through forgotten subscriptions or automated renewals, according to Jared Hubbard, fintech product manager at Plynk, an investing app.
“Redirecting even one canceled subscription’s monthly cost into your emergency fund could have a noticeable impact over time,” Hubbard said.
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Automate It — So You Can’t Forget
The simplest way to save money without thinking much about it is to automate it, according to James Francis, CEO at Paradigm Asset Management.
“Set up an automated switch to a separate financial savings account on every occasion you get paid. Even $20 consistently with [your] paycheck provides over time,” Francis said.
If it’s going into a separate account, as well, you will hopefully be less tempted to spend it.
Use ‘Found Money’ Wisely
Any type of money you don’t count on receiving, from tax refunds to birthday cash to bonuses “are all golden possibilities to fast-tune your financial savings,” Francis said. “Instead of spending the complete thing, do this rule — save half, revel in half.”
Let Cash-Back Rewards Work for You
If you have any kind of credit card that actually gives you cash back instead of just points or rewards to spend on things, move any cash back you get immediately into your emergency savings, Francis said.
Lower a Bill, Bank the Difference
Many service providers will negotiate your bill rates rather than lose you, particularly internet, phone and cable, Francis pointed out. Or sometimes you can get a better deal by switching to a new provider. Either way, put the difference away into savings.
Use Round-Up and Investing Apps
Another way you barely have to think about building emergency funds is to use apps that allow you to round up purchases, like Acorn, Chime and Plynk, Hubbard explained. Or try out apps that allow you to invest with even just a few dollars per month.
“You can think of investing like a monthly expense — set aside what you can, even if it’s just a few dollars,” Hubbard said.
While you might not want to keep a large emergency fund in investments in case you suddenly need it, these round-up apps can help you build your savings.
Clear Out the Clutter
Most of us have too much “stuff,” and some of that stuff can earn us some cash that we can add to our savings, according to Trae Bodge, smart shopping expert at TrueTrae.com.
“A few easy examples are selling unwanted clothing at a local consignment shop or furniture on a site like Poshmark,” she said. “If you have gold jewelry lying around that you don’t wear, The Alloy Market will buy it from you.”
Not only do you get a little spring cleaning done, you can bank that money for a buffer.
These are a handful of easy ways to start building that emergency fund today without much work. When possible, keep your fund in a high-yield savings account to earn interest on your money, as well.
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This article originally appeared on GOBankingRates.com: 7 Low-Effort Ways To Start Building an Emergency Fund
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