Ways I Do (And Tried but Failed) to Fill Up My Emergency Fund

Posted on by Figuringgitout

Since I’ve announced to the entire world that I aim to save my first RM15k as an emergency fund, let me be transparent all the way lah regarding the current status of my emergency fund goal. And here’s my first update, tadaaaa~

As at 30/04/2020. Android App – Savings Goal.

RM8k say whaaat? Yeay!! To see that I’ve managed to put aside RM8,101.00 in 4 months, haaa it feels surreal! Because I still remember few months back thinking that there’s no way I could ever save such amount of money. Heck, I even feel impossible now to save the balance RM6,899.00. But the figure speaks for itself, I did it! And I will do it more.

[Update: Yes I did more! The Day I Saved My First RM10,000]

If there’s anyone like me here who’s just starting out and feels the way I feel now, hang in there. We can do this. I would love to share the practical ways that have worked for me so far, and also some ways that I’ve tried but just didn’t work.

Ways to save money that work for me

1. The cliche but oh-so-true pay yourself first

Before this, everytime I read a financial article recommending me to pay myself first, I’d sigh “Ahh not this one again“. But it’s true though. Very true. So now as cliche as it sounds, once I get my salary, I’ll put aside a portion of money for emergency fund the same way I allocate money for other expenses.

I admit it’s easier said than done. My initial efforts to apply this failed miserably because I tend to use or take out the money halfway for some hanky panky purposes. What started as a hopeful month tumbled into a downward spiral of self frustration and regret.

Now I think I’ve figured it out. Here’s the methods that I adopt to stop myself from touching those savings.

  • First, have a proper budget plan so you know what your expenses throughout the month are.
  • Secondly, be realistic with the amount that you want to save. So as not to discourage myself month after month, I no longer set aside a huge sum too early in the month. I only save a portion that I think is reasonable so I can stick to it.
  • Thirdly and finally, don’t forget to set aside some fun money too so you’re not inclined to touch your savings.

It’s not easy, but it’s possible. Trust me.

2. 52-week savings challenge

It is apparent that I lack artistic skills.

So I made a list of the amount of money to save every week for 2020; the lowest sum being RM2 which keeps increasing by RM2 every week until it comes up to RM104 by the 52nd week. Instead of following the standard challenge to save by week in sequence, I save according to my means on that particular week. For example, if I have extra money this week, I’d save more. If I spend too much, perhaps for any activity of the week, I’d save less.

It has personally became a fun weekly routine for me. This challenge works great in combination with my methods of paying myself first because this way, I’m being realistic with my expenses and savings. I can constantly assess my money state and save some. No more self disappointment in the middle of the month. Instead, dopamine gets released each time I highlight the weekly sum saved. Win win.

3. No buy challenge

If there’s one way that really skyrockets my savings progress – it’s my no buy year journey. Like seriously. It cuts a lot of unnecessary expenses and most importantly, I no longer dig into my savings just to shop.

Please give no buy challenge a try. Perhaps you can’t commit for a whole year, so try it for a month. Or a week. Whatever works for you. I promise you can see the difference, especially if you’re a shopaholic. Extra money every month, who don’t want that? Ka-ching!

4. Put aside work claims and bonuses

If your line of work involves travelling, outstation or site work, pretty sure you’ll have weekly or monthly work claims. This is a precious way to save money for me – I don’t touch my claims money (started this year lah, all this while I spent kaw kaw)!

Most times, I would get repaid more than my actual expenses due to a higher milleage rate and allowance for interstate business trips. Usually, around RM150+ per month and during the good times (which are also tiring because that means I travel more), I can get up to RM700+. All into savings!

Well as for bonus, it is a bonus. Especially if you manage to get one this year, be super grateful – money falling from sky! It’s nice to get ourselves gifts and treat others with it but don’t forget to save some for rainy days.

Ways to save money that don’t work for me

1. Save the green notes

It’s simple, put aside RM5 everytime you get it. I did this before but I don’t fancy it. Granted, I did get to save money. In fact, I managed to use the RM5 saved last year (in total around RM500 over a year or less) as duit raya and raya related expenses.

But oh man, the headache and the mini anxiety I got every time I was on cash transactions with the cashiers. Please don’t give me five ringgit, please no five ringgit. That’s the internal prayer I had throughout the year. Not fun! So I’m ditching this for good.

But perhaps, this may work for you. Depends. Also, it’s not just RM5. It can be RM1 or RM10 or RM20 or even coins, no problem.

2. Daily saving challenge

Same as above, too much headache. I had to think about it every day, some days I missed which caused distress. Some days especially near salary time, I just couldn’t save. Naturally after awhile, I gave up. Hard to keep track every day, I prefer the weekly saving challenge.

The bottom line is…

Find what works (and what don’t) for you. There are so many practical ways and tips out there, we just have to find out what works for us. Personally, I realised that I don’t like any rigid and tedious plans to save money. I don’t want to think about it every single day. So I apply what works for me which mostly don’t feel much like a chore.

Here are some articles on ways and tips to save money:

Truth is it can be intimidating to take the first step in building our emergency fund. I’ve to remind myself so many times to not be discouraged seeing other people’s milestones, to just follow my own pace. So that’s what I’m doing. One step at a time to figuringgitout.

59 thoughts on “Ways I Do (And Tried but Failed) to Fill Up My Emergency Fund”

  2. I am currently perfecting my thesis on gate.oi, and I found your article, thank you very much, your article gave me a lot of different ideas. But I have some questions, can you help me answer them?

    Reply

  11. I would like to show thanks to the writer for rescuing me from this particular difficulty. As a result of scouting through the world-wide-web and getting proposals which were not productive, I figured my entire life was done. Existing without the presence of solutions to the difficulties you’ve resolved by way of your article is a crucial case, as well as ones that might have negatively damaged my career if I hadn’t discovered your blog. Your primary ability and kindness in playing with everything was tremendous. I’m not sure what I would’ve done if I hadn’t discovered such a step like this. It’s possible to at this time look forward to my future. Thanks a lot so much for the reliable and sensible help. I won’t hesitate to refer your blog to anybody who will need guide about this matter.

    Reply

  12. At the beginning, I was still puzzled. Since I read your article, I have been very impressed. It has provided a lot of innovative ideas for my thesis related to gate.io. Thank u. But I still have some doubts, can you help me? Thanks.

    Reply

  15. Thank you so much for providing individuals with an extremely special chance to read from this web site. It is often very awesome and also full of a great time for me personally and my office acquaintances to search your blog nearly thrice weekly to see the latest issues you have got. And lastly, we are actually motivated considering the cool hints served by you. Some 3 tips in this article are undoubtedly the most beneficial we have all had.

    Reply

  16. At the beginning, I was still puzzled. Since I read your article, I have been very impressed. It has provided a lot of innovative ideas for my thesis related to gate.io. Thank u. But I still have some doubts, can you help me? Thanks.

    Reply

  17. Thank you for every one of your hard work on this web site. Ellie really likes participating in research and it’s really easy to understand why. Most of us notice all regarding the powerful method you make useful things via your website and as well encourage participation from other people on that area plus our favorite simple princess is always being taught a lot. Enjoy the remaining portion of the year. You have been conducting a superb job.

    Reply

  20. I have to point out my gratitude for your generosity giving support to folks that have the need for guidance on this particular concept. Your personal dedication to passing the solution all around turned out to be astonishingly useful and has continuously helped men and women like me to get to their objectives. Your own insightful help and advice denotes a great deal a person like me and further more to my office colleagues. Thanks a ton; from everyone of us.

    Reply

  25. I as well as my pals have already been reading the good tips and hints located on your web blog then then came up with a terrible feeling I had not thanked the web blog owner for them. All of the guys became certainly happy to learn all of them and have in effect really been tapping into these things. Many thanks for simply being indeed thoughtful and then for having such very good guides most people are really desirous to understand about. Our own honest apologies for not expressing appreciation to earlier.

    Reply

  26. I have to get across my affection for your kindness supporting men who have the need for assistance with this situation. Your personal commitment to passing the solution all-around appears to be incredibly beneficial and have continually encouraged professionals just like me to arrive at their endeavors. Your personal warm and friendly tips and hints can mean a whole lot a person like me and a whole lot more to my office workers. Thank you; from all of us.

    Reply

  28. My wife and i felt delighted that Edward managed to finish up his investigations through your ideas he received out of the site. It is now and again perplexing to simply always be offering tips that the rest could have been trying to sell. Therefore we already know we now have the website owner to be grateful to because of that. All of the illustrations you’ve made, the easy site navigation, the relationships your site help instill – it is everything excellent, and it’s really helping our son in addition to our family believe that this issue is amusing, which is exceedingly serious. Many thanks for all!

    Reply

  29. Read reviews and was a little hesitant since I had already inputted my order. and also but thank god, I had no issues. much like the received item in a timely matter, they are in new condition. an invaluable so happy I made the purchase. Will be definitely be purchasing again.
    cheap jordans https://www.realjordansshoes.com/

    Reply

  32. Needed to draft you one tiny observation so as to thank you yet again for the superb basics you have discussed above. It was simply seriously open-handed with you to convey without restraint what exactly many individuals could possibly have marketed as an e book to make some profit for themselves, chiefly considering that you might well have tried it if you ever desired. Those tips also worked to be the good way to fully grasp that some people have a similar dreams just like mine to understand more related to this problem. I am sure there are a lot more pleasurable instances up front for people who take a look at your blog.

    Reply

  34. I wanted to write down a brief word in order to thank you for all of the magnificent secrets you are placing on this website. My particularly long internet lookup has now been honored with useful facts to talk about with my contacts. I ‘d express that many of us readers are very endowed to dwell in a superb community with so many lovely individuals with interesting strategies. I feel really privileged to have discovered the web site and look forward to many more fabulous times reading here. Thanks again for everything.

    Reply

  37. I simply wanted to compose a small comment to be able to express gratitude to you for these pleasant ways you are showing at this website. My time-consuming internet look up has at the end of the day been compensated with good quality facts and techniques to write about with my pals. I ‘d declare that many of us visitors are extremely lucky to live in a remarkable site with so many marvellous professionals with beneficial tactics. I feel quite happy to have used your entire web page and look forward to tons of more entertaining minutes reading here. Thanks a lot once again for all the details.

    Reply

  40. I intended to post you a little note to say thanks over again for your lovely concepts you have provided on this website. This is really generous of people like you in giving unhampered all that a number of us might have sold for an e book in order to make some bucks on their own, most importantly seeing that you might have tried it if you decided. These suggestions additionally worked to provide a great way to comprehend someone else have a similar interest just as mine to know the truth much more when considering this issue. I am sure there are some more enjoyable instances ahead for people who examine your blog.

    Reply

  41. I definitely wanted to type a simple remark to appreciate you for all of the awesome items you are giving out on this site. My time-consuming internet look up has finally been compensated with good strategies to exchange with my visitors. I would assert that most of us website visitors actually are truly lucky to dwell in a wonderful network with very many brilliant professionals with helpful ideas. I feel very much privileged to have seen the web pages and look forward to tons of more awesome moments reading here. Thanks a lot again for all the details.

    Reply

  44. I truly wanted to construct a word to be able to thank you for all the lovely hints you are writing at this site. My time intensive internet lookup has at the end of the day been recognized with extremely good know-how to write about with my family and friends. I would claim that we website visitors are unequivocally blessed to live in a remarkable website with so many outstanding people with helpful opinions. I feel really lucky to have used your entire web site and look forward to many more entertaining times reading here. Thanks once more for all the details.

    Reply

  46. My spouse and i ended up being so lucky when Raymond managed to conclude his studies from your ideas he grabbed while using the web site. It is now and again perplexing to just choose to be giving out things people could have been making money from. So we do understand we’ve got the website owner to appreciate because of that. All of the illustrations you made, the easy website navigation, the relationships you give support to create – it’s all extraordinary, and it’s really leading our son and us imagine that the subject is brilliant, and that’s highly serious. Thanks for the whole lot!

    Reply

  48. I simply wished to appreciate you once again. I do not know what I would have carried out in the absence of the entire recommendations shown by you directly on my concern. It was an absolute traumatic scenario in my opinion, nevertheless seeing the very specialized technique you processed the issue made me to jump for contentment. Now i am happy for your information and thus hope that you know what an amazing job that you’re undertaking training others using a site. I am sure you’ve never encountered any of us.

    Reply

  49. I wish to convey my admiration for your kindness supporting persons who should have assistance with your idea. Your personal commitment to passing the message all through had become extraordinarily significant and has permitted associates like me to achieve their targets. Your personal helpful advice indicates a great deal to me and especially to my colleagues. Best wishes; from everyone of us.

    Reply

  51. I want to express some thanks to this writer just for rescuing me from this difficulty. Just after searching through the internet and coming across strategies that were not beneficial, I figured my entire life was done. Living devoid of the approaches to the difficulties you’ve fixed all through your entire posting is a critical case, and the ones that could have negatively damaged my career if I had not discovered the blog. Your personal know-how and kindness in dealing with all the stuff was crucial. I’m not sure what I would’ve done if I hadn’t come across such a subject like this. I can also at this point look forward to my future. Thank you very much for your reliable and effective guide. I will not hesitate to recommend the blog to anybody who wants and needs counselling about this subject matter.

    Reply

  53. I would like to express thanks to this writer just for bailing me out of this dilemma. As a result of browsing throughout the search engines and coming across proposals which were not helpful, I was thinking my entire life was over. Being alive without the presence of solutions to the difficulties you’ve resolved as a result of your write-up is a crucial case, and ones that might have badly damaged my entire career if I hadn’t come across your site. Your knowledge and kindness in playing with all the stuff was invaluable. I don’t know what I would have done if I hadn’t encountered such a thing like this. I can also at this point relish my future. Thanks so much for the expert and amazing help. I will not be reluctant to suggest the blog to anybody who would like tips on this subject matter.

    Reply

  56. I intended to send you one very little word in order to give thanks again for these striking knowledge you’ve documented on this site. It’s so extremely generous with you to provide publicly all a few people could have offered for an electronic book to help make some profit on their own, particularly considering the fact that you could possibly have done it if you ever desired. The solutions additionally served like the great way to recognize that some people have a similar keenness just like mine to learn much more on the subject of this condition. I’m sure there are several more fun opportunities ahead for folks who take a look at your website.

    Reply

  59. I want to get across my passion for your kind-heartedness supporting all those that should have help with in this situation. Your special commitment to getting the message around was particularly invaluable and has continuously allowed people much like me to realize their desired goals. Your amazing informative facts denotes a whole lot to me and extremely more to my office workers. With thanks; from everyone of us.

    Reply

Leave a Reply

Your email address will not be published. Required fields are marked *