20 Jan 2025
As a Sri Lankan living in the UK, you're likely juggling many responsibilities. There's always something to think about, from work and family to managing your finances by making a monthly money transfer to Sri Lanka from the UK. Financial planning is all about being prepared for the unexpected, and one thing you shouldn't overlook is building an emergency fund.
An emergency fund is there to catch you if you unexpectedly lose your job, face a medical emergency, or encounter other unforeseen expenses. Here are five practical ways to start building your emergency fund beginning today.
The first step is to examine your finances more closely. This means setting a budget and tracking your spending. This will help you track your spending and identify areas where you can save money. Start by listing all your income sources, like your salary and any side hustles.
Then, jot down your expenses, such as rent, bills, groceries, and entertainment. Once you have your budget, it's time to start tracking your spending. The goal is to identify areas where you can save alongside your online money transfer to Sri Lanka from the UK.
Have you ever wondered how to save money without even noticing it? It's easier than you think! One of the most effective ways to build an emergency fund is by setting up automatic transfers from your main account to a separate savings account.
How does it work? You simply schedule a fixed amount to be transferred automatically each month. It's like putting money aside for a rainy day without lifting a finger. Over time, these small contributions can add up to a substantial emergency fund.
Take a look at your recurring subscriptions. Are you subscribed to streaming services that you don't watch? Or magazines you don't read? Cancel them and put the money aside. Next, consider your dining habits. Do you eat out too often? Try cooking at home more. It's healthier and cheaper. If you do eat out, look for affordable options.
Finally, review your non-essential purchases. Are you buying things you don't need? Cut back on impulse buys and save the money.
One way to save money and build your emergency fund is to use a remittance platform like ACE Money Transfer. ACE Money Transfer offers lower fees and better exchange rates than traditional banks, so you can send money online to Sri Lanka from UK for less. This means you'll have more money to put towards your emergency fund. Plus, ACE Money Transfer makes it easy to send money online, so you can do it from the comfort of your home.
Use ACE Money Transfer to save on transfers.
Sign up online or through the app.
Add your recipient's information.
Select how you want to process the transaction.
Enter the amount you want to send and confirm.
Want to increase your emergency savings quickly? Consider exploring side gigs or freelancing opportunities. These can be a great way to earn extra income and contribute to your savings goals.
What are you good at?
Upwork, Fiverr, and Freelancer.
A few small projects.
Save a portion for your emergency fund.
Having a bit of extra cash can make a significant difference. So, don’t hesitate to look into side gigs or freelance work. The results might just shock you!
Building an emergency fund doesn’t have to feel overwhelming, so integrate simple changes to make a difference while you send money to Sri Lanka from the UK. Every small step counts towards your bigger goal of financial security. Start today and watch your emergency fund grow, making life easier in the UK. With the right strategies and commitment, you can be prepared for whatever life throws your way.
Start by integrating simple changes to make a difference while you send money to Sri Lanka online from the UK. Every small step counts towards your bigger goal of financial security. Start today, and watch your emergency fund grow. Make life easier by signing up for ACE Money Transfer and saving on your transfers!
A general guideline is to aim for at least three to six months' worth of living expenses
Yes, it's possible because even the most minor amounts can increase over time.
It's essential to keep your emergency fund reserved for unexpected expenses.
Borrowing money is not a good idea because it can create more debt and financial stress.
Consider earning extra income through side hustles or selling unwanted items.
