If you've exhausted your emergency fund this year, there's no need to stress. Here are 10 practical ways to replenish it starting now.

If your emergency fund ran dry in 2020, you're not alone. A survey indicates that around 46 million Americans have depleted their savings since the onset of COVID-19.

Establishing an emergency fund is essential for financial security. Experts recommend setting aside three to six months' worth of living expenses in a separate, easily accessible account, like a checking, savings, or money market account. (Check out our comprehensive guide on emergency funds!)

Having cash available can keep you out of debt should unexpected expenses arise, such as an emergency medical bill or car repair. An emergency fund allows you to cover these costs without resorting to credit cards or high-interest loans.

If you used up your emergency funds last year, don't worry. It's time to reestablish or build your savings. Here are some smart strategies to help you do just that.

Allocate Stimulus and Tax Refunds to Savings

When you receive unexpected funds, consider saving them. Use the recent $600 stimulus payment many Americans received at the end of 2020 as a starting point for your savings.

If you're expecting a tax refund, deposit it directly into a separate account to avoid the temptation of spending it impulsively.

Negotiate Lower Checking Account Fees

Checking account fees can average nearly $15 monthly. Contact your bank or credit union to learn how to waive these fees and keep that extra cash for your emergency fund. Some banks offer free checking options based on your employer. This could save you an additional $180 annually!

Additionally, many online and traditional banks provide no-fee checking accounts, such as Ally and Capital One 360. For a list of the best no-fee checking accounts, check out this guide from CNBC: best no-fee checking accounts.

Utilize Grocery Delivery Wisely

Although grocery delivery has become a common service, it's important to save where you can. Avoid placing small orders and look for discounts within the app. Be mindful of delivery times, as costs can rise during peak demand periods.

Consider Reducing Streaming Subscriptions

On average, Americans subscribe to three streaming services. If you cut one, you can still enjoy plenty of content while saving money for your emergency fund. For instance, canceling Netflix could save you about $13 a month or $156 annually. Alternatively, check your local library for free or low-cost streaming options.

Ensure Phone Discounts Are Active

If you receive a discount on your cell service through your employer, verify that it's still being applied. Many carriers require proof of employment every year or so. If you've missed that deadline, you could be losing out on savings. For example, a 20% discount on a $150 bill saves you $30 monthly or $360 yearly.

If the discount has been removed, contact your provider to restore it. If you've lost your job, inquire about other billing options or possibly switch to a less expensive plan.

Declutter and Sell Unwanted Items

If saving is challenging with your current income, consider selling items you no longer need. Platforms like eBay, Facebook Marketplace, OfferUp, and Letgo can help you turn unwanted furniture, electronics, and clothing into cash for your emergency fund.

Decluttering not only frees up space but also provides financial benefit. Any money earned should go directly into your savings. If items remain unsold, consider donating them to charity.

Adjust Your Thermostat

During winter, wear a sweater and lower your thermostat. A U.S. Department of Energy study indicates that reducing your thermostat by 7 to 10 degrees for eight hours can save you up to 10% on heating costs annually. Also, remember to turn off lights when leaving a room and unplug appliances not in use.

Consider One Vehicle for Your Household

If a member of your household is now working remotely, think about downsizing to a single vehicle. This can lead to savings on insurance, taxes, and maintenance costs. You'll also receive a lump sum when selling the second car.

Shop for Better Home and Auto Insurance Rates

To find better rates on home and auto insurance, compare options online or over the phone. Many find substantial savings by switching to a more affordable policy. National insurers often offer discounts for new customers, making it worthwhile to shop around.

Explore Side Gigs

If you have the time, look for side jobs that fit your schedule. Opportunities like lawn care, dog walking, tutoring, or food delivery can supplement your income. Providing services within your community is a great way to earn extra cash.