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Fortunately, its not some pipe dream according to experts, its absolutely within reach.
Kevin Shahnazari, founder and CEO ofFinlyWealth, agreed.
Building an emergency fund on a minimum wage salary is entirely achievable with careful planning and dedication.
First and foremost, its essential to set a clear savings goal, he said.
Below are their recommendedsteps to build a solid emergency fund.
Start with $20 or $50, depending on your budget.
Even small contributions add up over time.
Shahnazari advised the same approach.
This, he explained, enables you to allocate more funds toward savings.
Jimenez agreed cutting expenses is a critical step.
Focus on reducing variable costs like dining out, entertainment or unused subscriptions, she said.
She noted that pairing these small adjustments with cashback apps or rewards programs can stretch your dollars even further.
He explained that this can help build the fund consistently without the temptation to spend that money elsewhere.
Even small amounts can add up over time,Shahnazari added.
Many people earning minimum wage have found success by leveraging platforms like Fiverr or Etsy foradditional income streams.
Every extra dollar earned can go straight into your fund.
Shahnazari highly recommended this approach, noting that finding ways to increase income can also significantly impact savings.
Every extra dollar earned can contribute to achieving that $5,000 goal faster.
Recognizing progress, no matter how small, can help maintainmomentum and commitmentto the savings goal, he added.
And it makes the journey feel more rewarding.
Setting smaller milestones within the larger goal can provide motivation and a sense of accomplishment, he said.
Jimenez agreed and gave additional advice: Keep your goal visible to stay motivated.
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