An emergency fund is money that is set aside for unforeseen disastrous life events. Despite the importance of establishing such an account, many feel as if they do not require one. This is simply because it is easy to feel untouchable when things are going our way. However, this is precisely why starting an emergency fund is so important. Most of us experience at least one unexpected expense in our lifetime, and an emergency fund creates a safety net for spontaneous tragedies such as illness, unemployment, or major expenses (i.e., a home or car repair). It also prevents us from incurring bad debt by allowing us to avoid using credit cards or loans.

When you take the time to establish an emergency fund, you are doing far more than just saving money. You are building a future. Here are 6 useful tips that can help you get started.

Selling old possessions—You may be surprised by how many household items have the potential of being turned into cold cash. This can include toys, neglected exercise equipment, used books, and much more.

Number crunching—Organize your budget by figuring out how much you want to save for your emergency fund. Examine the amount you spend each month on housing, food, and transportation (the average consumer in the U.S. spends over 50% of their income on these necessities). You should also resolve to make little cuts in your budget. Cancel old memberships, switch food brands, or use coupons.

Second income—No one likes to put in extra hours. However, it is important to remember that just 6 months or so of an additional income can make a huge difference in your overall savings. When an emergency occurs, you will be glad that you took a second job, even if it was only for a brief period.

Filtering extra money—It has been estimated that the majority of households waste at least 10% of their monthly income. Look for these “leaks” in your own budget (i.e., leaving the lights on) and use that money to build your emergency fund instead. It would also be a good idea to enroll in automatic payments methods via online banking; you can schedule certain amounts to be withdrawn from your paycheck on a regular basis.

Abolish bad debt—Eliminate expenses that drain your finances, such as personal loans, credit cards, or any expenses that have an interest rate of over 7%. When we are in debt, we often desire to pay everything off at once. However, this can do more harm than good. This is where creating a financial “buffer” can help (experts recommend between 500-800 dollars). A buffer filters spending and helps you get ahead. After all, if you do not get ahead in your debt payments, you will never get ahead in your emergency fund.

Make access to your emergency fund difficult—Your emergency fund is only for expenses that you cannot predict, so it is vital to ensure that you are not tempted to withdraw funds for everyday spending. You can accomplish this by opening an account that is separate from your main spending account. It is also important to make certain that your emergency fund is liquid. Emergency accounts must be accessed quickly and immediately, so you should never maintain your emergency fund in stocks, bonds, or CDs. Utilize a basic savings or checking account at your local or online bank.

An emergency fund may take time and energy, but it is crucial remember that it is important for establishing a financially steady future for you and your loved ones.