Life has a sneaky way of throwing unexpected expenses at us. Just like your fridge suddenly dying or a car repair you didn’t see coming. And if you’re already stretching your income thin, those surprises can knock you down fast. That’s where having a bit of backup cash, an emergency fund, comes in handy.
Saving money might feel out of reach right now, especially if you’re juggling bills, debt, or other expenses. But stick with us. There are smart, simple ways to get started, even if it’s just pennies at first.
Let’s talk about ways to bring in more money, save a little for emergencies, and avoid falling into debt when life hits hard.
Short on time? Here’s a quick list of what we’ll cover:
- Small, easy ways to start saving (without making huge sacrifices)
- Tips for making extra cash from stuff you already own
- Government support and savings schemes you might qualify for
- Why an emergency fund matters, and how much to aim for
- What to do if you need help right now
Why Emergency Funds Matter
Unexpected expenses don’t wait for payday. Think broken boilers, dental emergencies, rent increases, or needing to replace a washing machine out of nowhere. If you’ve got some money set aside, you can deal with these surprises without relying on credit cards or payday loans (which only make things harder down the road).
Ideally, try to build up three months’ worth of essential living costs. That’s a solid safety net. But if that feels impossible right now, don’t stress because every pound (or penny) you tuck away counts. It’s not about hitting that number overnight. It’s about getting started.
“I Can’t Afford to Save”, Here’s What You Can Do
If you’re in debt or barely making ends meet, the idea of saving might sound like a joke. But it’s okay to start tiny. The key is building a habit.
Here’s how to get started:
1. Start with loose change
Every time you get coins back from the shop, drop them into a jar. At the end of the month, take them to your bank. Just be sure to sort the coins into those little plastic bags they require. (Most banks won’t charge you to deposit coins, but if it’s busy, they might ask you to come back.)
Some supermarkets also have machines that’ll swap your coins for notes. Heads up: they usually take a small cut (around 7c per $1), so it’s not the most efficient method, but handy in a pinch.
2. Use spare change apps
Some banking apps can help you “round up” every time you spend. For example, if you buy a coffee for $2.60, they’ll move 40c into a savings pot. It’s automatic, painless, and adds up surprisingly fast.
Most of these apps let you choose whether you can dip into your savings anytime or lock them until a set date. Choose what feels right for you.
3. Cut back where you can
Start tracking where your money actually goes each month. You might find areas to trim without even noticing, like unused subscriptions or takeout that adds up. Every pound you save can go toward your emergency stash.
Need help getting your budget in shape? There are free tools and templates online that can make it easier.
4. Pay off high-priority debts first
Before you start saving seriously, deal with things like overdue rent, council tax, child maintenance, and high-interest loans. These kinds of debts can cause bigger problems than an empty savings account.
Once you’ve got your essentials covered, you can shift focus to building that rainy-day fund.
5. Make use of cashback and discounts
If you’re buying something anyway, use cashback websites and price comparison tools to get the best deal. Then, instead of spending the savings elsewhere, pop them straight into your emergency fund.
6. Keep your savings separate
It’s way too easy to dip into your savings when it’s sitting in the same account as your spending money. Create a separate bank or savings account that’s just for emergencies.
Even better! Open an account with no overdraft and no bells and whistles. Something basic that won’t tempt you. Many of these accounts still come with internet banking, debit cards, and even a bit of interest.
7. Ask your employer about credit unions
Some employers let you pay a portion of your wages directly into a credit union account. It’s a smart way to build savings because the money goes out before you even see it.
Plus, you won’t be as tempted to spend it. Credit unions are local, community-driven, and often more flexible than big banks.
8. Use the Help to Save scheme
If you’re getting a Working Tax Credit or Universal Credit, look into the Help to Save program. It’s a government-backed account that gives you a 50c bonus for every $1 you save (up to certain limits). Over four years, you can get up to $1,200 in bonuses for free.
It’s a great way to grow your savings faster, and you can still take the money out if you really need it.
9. Sell what you don’t use
Got stuff lying around that you no longer need? Old clothes, electronics, kids’ toys, or furniture can all be turned into extra cash. Use apps or local selling groups and put the profits straight into your emergency fund.
Every item you clear out could be a small step toward financial peace of mind.
10. Try a saving challenge
Want to make it a bit more fun? There are loads of saving challenges online, like putting aside $1 on day one, $2 on day two, and so on for a month. Or the 52-week challenge, where you save a little more each week.
Even just having a decorated savings jar at home can motivate you (especially if you get the kids involved, too).
What If You’re Really Struggling?
If you’re down to your last few pounds, can’t afford food, or you’ve got bills you can’t cover, don’t wait. There are ways to get help.
- Local councils often offer crisis grants or hardship funds
- Food banks can provide groceries without judgment
- Charities may offer emergency fuel vouchers or financial support
- Some energy providers have hardship schemes, too
You’re not alone. Don’t be afraid to ask for help when you need it.
Start Small, Keep Going
Building an emergency fund doesn’t happen overnight. It might take months (or longer), but every bit you save is progress. The peace of mind it brings, knowing you’ve got something to fall back on, is worth the effort.
No one expects you to have it all figured out. But if you take small steps today like reviewing your budget, setting aside a few coins, or checking if you’re eligible for extra help, you’ll be in a better spot tomorrow.
And if things are really tough, reach out for advice. Free debt support services can walk you through your budget, help you manage repayments, and find breathing space. They’re not there to judge, they’re there to help.
