Emergencies happen. Occasionally there are unexpected expenses that occur. The important thing is to make sure the funds are available for such emergencies. From a sudden illness, to a last-minute family trip – and even an HVAC break down, you want to have an emergency fund and budget planned for these instances. We’ve got tips on how you can build your family’s budget for an emergency today.

Create a Starting Budget for an Emergency

Start going through your current bills and savings to see what adjustments can be made to put money in an emergency fund. Begin incorporating your emergency fund into your monthly expense to keep a consistent flow of money going in. A good way to figure out how much to make your budget goal is by coming up with an initial value you would like in your emergency fund, then dividing that number by 12 months to set your monthly budget.

Stay on Course

Once you start budgeting out for your fund monthly, be sure to stay on track. It’s important you stay motivated and committed to your emergency budgeting goal. Stay on course with benchmark goals for each month or every couple of months. You could also incorporate a prize program, that allows for a reward when you hit new emergency budget goals.  Additionally, just remember that without an emergency fund plan in place, you risk using other funds such as your savings or credit cards to pay for unexpected expenses. Spending like this could result in depleted savings or high credit card usage.

Cut Down on Unnecessary Spending

Reducing how much you spend on frivolous shopping is important when starting an emergency fund. Those unnecessary spending habits can lower how much you put away for a future emergency. Buying 5 pair of shoes and eating out 5 nights a week may be fun, but it’s also excessive. You don’t have to give up those fun items, but cutting down on extra funding can help build a stronger emergency fund. Another way to help cut down spending could be looking at your current expenses and seeing where you can reduce costs. You could get rid of cable and instead utilize your internet for online viewing programs such as Netflix and Hulu to watch your favorite shows. Carpooling to work is also another way to help reduce gas usage to put more funds away.

Storing Emergency Funds

There are numerous ways you can store your emergency funds. If you’re saving physical cash, using a cookie jar or piggy bank is a good way to keep that money in one place. If you don’t trust excess cash being around the house, you could start an additional savings account at your current bank. With an additional account you can digitally keep track of your fund. If you have direct deposit with your current job, you could have money from your paychecks sent directly to your emergency fund account for seamless saving.

No matter who you are, emergencies are bound to happen. What is important is making sure you are ready for when and where they happen. Setting up a budget for an emergency helps you and your family be prepared for any disaster. If you run into an HVAC emergency just remember that Interstate Heating & Air Conditioning is here to give you peace of mind. We are available for you when you need us!


For information or assistance with HVAC efficiency, give Interstate Heating & Air Conditioning a call at 405-794-8900.

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