The Power of $50 in saving money for emergencies

The Power of $50

The Power of $50

Andy Gupta shares his tips on saving money for an emergency, and it starts with $50.


Hi, this is Andy. So I just read this scary statistic this morning that 53% of Americans don’t have money saved for an emergency. And part of this is because no one has ever taught us how to save for an emergency. And look, right now with the chances of recession high, you want to start building an emergency cash reserve of six to 12 months of expenses.

Here’s a strategy to start doing that. Carry a notebook around with you for the next 30 days. Let’s do small increments; do for the next one week. Carry a small notebook and a pen, and just jot down every time you spend money. Jot down even if you swipe a credit card, if you’re paying by cash, just make a note of everything that you’re spending on. Take a look at your credit card statements for those automatic billings that are happening; subscriptions that you don’t even see where you’re not actually pulling out a credit card. Start noting those down.

So pull up your credit card statement for the last 30 days, and now carry a notebook in your pocket and jot down every single time. Do it for a week. You’ll feel a win. I really want you to do it for a month. Come back and take a look at how you’re spending your money. I think you’re going to be surprised at where you are spending money that you can start cutting down. My goal for you is to start saving $50 a month. Start with $50 a month and see where you go.

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Wendy Oliver

A seasoned lawyer and legal compliance expert specializing in the financial sector, Wendy has worked in large law firms and as in-house counsel for companies such as Bank of America and OnPoint Credit Union, and educational institutions such as the University of Chicago and Duke University. She’s also worked at a fintech startup, a consumer lender and a large credit union, as well as running her own practice advising financial institutions.
Well-versed in the ins and outs of disclosures and agreements, contracts and corporate matters, Wendy is most excited about helping others to achieve financial stability, something she had to grapple with herself in her younger years and as a law student. Her goal is to ensure Grit’s financial wellness tools not only help people through financial emergencies, but also establish long-term habits for financial success.
How she got her financial grit: “In college, when I was living off loans and part-time work, I had a budget and that really helped me. After college and law school I had loans to pay. Budgeting and understanding where your money goes can really make a difference in your financial security.”


  • General Counsel, OnPoint Credit Union
  • Chief Compliance Officer, Aven
  • Asst. General Counsel, Bank of America
  • Duke, U. of Mich, U of Chicago


  • Led compliance function for the industry’s first Home Equity backed Credit Card
  • First GC at Oregon’s largest credit union preparing institution for crossing $10B threshold


  • 30+ years of experience in Banking Legal and Compliance including Startups, Scale Players, & Regional Players