| June 13, 2013

Five simple tips to create an emergency cash fund

Unexpected expenses are impossible to predict, but you can prepare for them by having an emergency fund.

These safety nets are especially important if you carry a lot of credit card debt, as a surprise cost could force you to fall short on your credit card payment. 

To create an emergency fund, follow these five simple tips:

Tip No. 1: Use direct deposit

One of the biggest obstacles to an emergency fund is actually saving money. Many people simply can't bring themselves to put money away each month. That being said, you will need to seek out ways to make it easier, one being setting up direct deposit. Using this method allows you to set it and forget it, as you will never have to worry about putting money away because it will done automatically. 

Tip No. 2: Avoid impulse purchases

Another major hindrance to saving is impulse purchases. To avoid these types of buys you may want to go to the mall or local retailer with a specific list of what you need to buy. If that doesn't work, try only bringing the amount of money you need to buy what you are looking for so you don't overspend. Any impulse purchases could be taking money away from your emergency fund so they should be avoided at all costs. 

Tip No. 3: Find ways to cut back

A great way to find money to put into an emergency fund is to look for areas in your budget that you can cut back. For example, if you still have a home phone, it may be time to get rid of this service, as most people have cell phones these days. Another place to cut back is your cell service as your $50 data plan likely isn't essential. 

Tip No. 4: Compete with a friend

To help save more you might want to turn it into a competition with a friend who also needs to create an emergency fund. When you are trying to beat someone there is a greater chance you will actually save. 

Tip No. 5: Stop using your credit cards

Debt can be a major roadblock to saving as you likely want to eliminate these balances more than you want to save. That being said, you should avoid using your credit cards when attempting to create an emergency fund, as using them just adds to your debt load.&nbs

"We are really proud to recommend Consolidated Credit" Kathleen Cannon, President & CEO of United Way of Broward County. Consolidated Credit Counseling Services, Inc. is pleased to announce our partnership with the United Way as a United Way Chairman’s Circle Organization.

"We are really proud to recommend Consolidated Credit" Kathleen Cannon, President & CEO of United Way of Broward County. Consolidated Credit Counseling Services, Inc. is pleased to announce our partnership with the United Way as a United Way Chairman’s Circle Organization.

All Consolidated Credit counselors are certified personal financial counselors (CFC) We've helped 5 million people get out of debt! Call us today and see what we can do for you.

Consolidated Credit is honored to receive the 2012 Excellence in Financial Literacy Education (EIFLE) Nonprofit Organization of the Year award. The EIFLE awards acknowledge innovation, dedication and the commitment of organizations that support financial literacy education worldwide. See what Consolidated Credit can do for you.

Consolidated Credit is honored to receive the 2012 Excellence in Financial Literacy Education (EIFLE) Nonprofit Organization of the Year award. The EIFLE awards acknowledge innovation, dedication and the commitment of organizations that support financial literacy education worldwide. See what Consolidated Credit can do for you.

The National Industry Standards for Homeownership Education and Counseling are a set of guidelines for quality homeownership and counseling services. Industry professionals who adopt these standards can be trusted to provide consistent, high quality advice.
Click here to learn more.

Consolidated Credit Consulting Services, Inc. has been verified as the owner or operator of the Web site located at www.consolidatedcredit.org. Official records confirm Consolidated Credit Consulting Services, Inc. as a valid business. Call us today and see what we can do for you.

Consolidated Credit is a Certified ISO 9001 company, as verified through Bureau Veritas Certification.

Time tested and customer trusted. Consolidated Credit Counseling Services has been a BBB Accredited Business since 1998 and has a current A+ rating. Call us today and see what we can do for you.

View the Consolidatedcredit.org review status

Time tested and customer trusted. Consolidated Credit Counseling Services has been a BBB Accredited Business since 1998 and has a current A+ rating. Call us today and see what we can do for you.

View the Consolidatedcredit.org review status

Consolidated Credit is proud to be an ANAB accredited member. Accreditation by a recognized and respected body such as ANAB ensures the impartiality and competence of our company. To see what we can do for you, give us a call.

U.S. Department of Housing and Urban Development - HUD's mission is to create strong, sustainable, inclusive communities and quality affordable homes for all. Consolidated Credit is proud to be a member of HUD and also part of the Hope Now Alliance.

You can save!

With this amount of debt, you'd pay around $xx.xx on a DMP.

FREE Debt Consultation
VE Interactive