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Once you have saved enough to cover six months of expenses and have extra cash, you might consider investing the additional funds. You can boost your returns on any excess money with a certificate of deposit, or CD. A CD is a savings instrument offered by banks and credit unions that has a fixed date of maturity and a fixed interest rate. Most CDs require a minimum deposit amount and may offer rates contingent on the size of the deposit. The interest you earn on your deposit depends on the interest rate, the term of the deposit and the compounding method.

Find a way to consistently check in on your savings. Whether it’s an automatic notification of your account balance or writing down a running total of your contributions, finding a way to watch your progress can offer encouragement and accountability to keep going.

For many Americans, a tax refund is the largest lump sum they receive all year. Saving your tax refund is an easy way to boost your emergency fund. When you file your taxes, consider having your refund deposited directly into your emergency account. You can also adjust your W-4 tax form so you have less money withheld and direct the extra cash into your emergency fund.

Learn about the Pros and Cons of a Home Equity Line of Credit (HELOC).

As you research home equity lending options, such as a home equity line of credit (HELOC), make sure you consider the pros and cons of each product before making a decision. Those factors will vary based on your plans for the money and the prospective lender.