We all know we need an emergency fund. Whether it’s called a rainy day account, a contingency fund or a just-in case account, it’s absolutely necessary. But most of us have a hard time getting in the habit of saving up for something we don’t expect. There are a few tricks that can help get some momentum going — as far as your emergency fund goes.

1. Separate out your savings: If you can get your emergency savings into an account entirely separate from the rest of your money, you’ll be better off. You’ll have less temptation to spend that money and there’s no chance that your savings for a rainy day will get mixed up with your savings for that brand new television. 
2. Put your savings out of reach: While you need to be able access your money in an emergency, it shouldn’t be too easy to get. If it takes significant effort to actually use your savings, you’re far less likely to touch it for something that isn’t an emergency. Think of it this way: if you have a credit or debit card in your wallet, you’re going to run into a situation sooner or later where you’ll use it. Whether you forgot to move money between accounts or you just need a couple extra bucks, you’ll use that card for something other than the emergencies it’s really for. Eliminate the temptation. Stick that card somewhere difficult to access.
3. Automate your savings: Plenty of people have suggested that the easiest way to build up your contingency fund is to automatically withdraw money from your checking account to your savings account. It’s popular advice because it works. Having to think about moving your money around only makes you worry about it. It’s easy to slip into the thought process that you can’t really afford to add to your savings this week and suggest to yourself that you’ll add in an extra $25 next week or something similar. Don’t give yourself the opportunity to not save.
4. Decide what an emergency means: Different people have different standards for emergencies. There are plenty of people out there right now, reluctant to crack open their contingency fund although they just lost their jobs. There are also plenty of people willing to make use of their emergency funds when they come up short on pizza money. There’s no right or wrong definition of an emergency — but you have to know ahead of time when you’re willing to use your savings. You don’t want to make that decision in the middle of a crisis.
5. Set goals for your savings: You don’t really want to be sticking all of your extra money in your emergency fund for the rest of your life, do you? So set a goal for your emergency fund — maybe as much as a year’s worth of expenses. Once you’ve met it, you can start applying your money to other goals, like investments. The exact amount of money you need in your emergency savings is a number you’ll have to decide for yourself, though. If your job is solid and you’re in good health, you can be comfortable with a smaller fund. It’s up to you, though.

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