HOW TO BUILD A RAINY DAY FUND
The road to becoming free of your credit cards and mortgage can be a long one, especially if you have a financial crisis while trying to remove interest from your life. The best way to survive something like this is to save for a rainy day by building an emergency fund. If there’s no budge in your budget, there are many ways to save a few dollars here and there that will add up to a substantial nest egg.
Cell or Home Phone?
If you’re like a lot of families, everyone has a cell phone. And if you also have a land line, chances are it’s collecting dust and does nothing but act as an answering machine for solicitors. If you feel a land line is still a necessity, considering cancelling premium services such as caller ID, three-way calling, and call waiting.
Entertainment Costs
All work and no play can pile stress onto your already inflamed nerves. One of the best ways to relieve stress is to watch a good movie. But, do you really need 250-plus channels? Really? Chances are you don’t have time to enjoy but a small portion of the channels you’re paying a premium price for. Even reducing your cable or satellite package one level will save you money.
Convenience Items
As convenient as convenience stores and the vending machines at work might be, they are costing you money — lots of it. Stop buying those $6 lattes and bring coffee from home instead. Think of it this way — restaurants usually sell a cup of coffee for about $1. When they only pay $6 per pound for the coffee, their cost per cup is about 10 cents. This means you’re giving away 90 cents every morning.
