Ways to Save Money for Emergency Purpose

Last Revised on March 8, 2008

Love Your Health Money Family & Relationship

Life is very unpredictable. Sometimes there are emergency situations in our lives that we have thought would never happen to us, and thus didn’t have any emergency fund saved for them in the bank. So what would you do? That’s why it is important to think in advance and start saving money for difficult times of health, finance or even legal purposes:

Start reducing expenses: That’s probably the best strategy. Analyze how you are spending money now, and find some things that is possible for you to cut back on. Magazine purchases, gourmet coffee, comic books, cable TV, high speed internet and gadgets and all sorts of items come into mind. And put these money into savings account.

Refinance. Refinancing your mortgage or auto loan can save you a lot of money. Take the amount you save and put it in savings.

Limit your access to the money. If you are often tempted to spend your money whenever you see things you think you can afford, consider putting the money away in an account that is hard to get to. Put your savings in a money market account or fund, and when it reaches a certain amount, roll it over into a CD or Treasury bond.

Work for extra money. Take the skills you have with you and find places where you can earn extra income from the. And bank that money.

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