You’ve heard it before; it’s wise advice to have some money set aside for emergencies.  It’s just so hard to get organized.

It’s hard to find the discipline to keep putting that money in savings piggy-bank-1019758_640when you are just starting out and there are so many other things you could use it for.

Deep down, you know an emergency fund is a good idea, but you don’t earn a lot of money. Do you wish there was an easy way to save for the unexpected things that happen in life?

I still remember the sinking feeling when my car broke down and I didn’t have the money to fix it.  I ended up using my credit card, which ended up being a costly decision.  More on credit cards later.

We’ve all been there.  Juggling work and home life while trying to pay your bills is difficult and it seems that there is never anything left at the end of the month to put into savings.

The good news is there is a quick and easy way to start. You only have to do this once, and it takes about 10 minutes.

Here’s how:

You need online banking (which most of us have), and at least two accounts:  A chequing account and a savings account.

For this example, I’m assuming that your pay cheque is automatically deposited into your chequing account.  I’m also assuming that you get paid every other Friday. (biweekly)

  1. Go online and click on your chequing account.
  1. Select pay bills and transfer funds.
  1. Choose transfer funds and set up a transfer for a small amount ($15 for example). Feel free to use a different amount, but start small.
  1. When: for your first transfer, choose your next pay date. 
  1. Frequency: choose biweekly.  This sets up a transfer for every other Friday, to match the day your pay cheque is deposited in your bank account.
  1. Select 100 times, so that the transfer will keep happening until you change it.
  1. Then click save or submit.

It’s that simple.  You’ve chosen a small enough amount that it won’t be missed, and if you leave it alone, it will slowly accumulate into a decent emergency fund.

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I’m linked up at Financially Savvy Saturdays over at Femme Frugality.  Check it out!