WHERE CAN I SAVE MONEY FOR CREATING AN EMERGENCY FUND?
You never know when an emergency will occur. You don't want to be caught helpless in an unexpected situation, so you need to develop strategies for establishing an emergency fund. The ideas in this article are for you to choose from. Some savings ideas will work for you, and some won't. The money you save with these tips should go straight into your savings account. Whichever tactics you choose to use, the main idea is to create a bank account for this nest egg, and do not touch it except for emergencies. You should also read the section on 'cutting back on monthly expenses'.

In the event that a situation arises that calls for immediate money, consider applying for emergency loans.

Don't Use Credit Cards for Emergencies
Cut up your credit cards because if you use them for emergencies then you will incur huge debts that will put you in a financial hole. You have to plan ahead for financial emergencies!

Give Yourself Gratuities
When you go out to eat, in addition to tipping the server, give yourself a tip too. If you can't afford to match the exact tip you have left for your server, then It can be as little as a dollar each time you eat out. Keep an envelope in your purse or use an area of your wallet to "hide this money". Put it away at home and make a monthly deposit to your savings account. You will be surprised to see how this adds up.

Do Not Spend Bonus Money
If you are lucky enough to receive some unplanned money, such as a bonus from work or a refund from taxes, put that directly in the bank.

Stow Cash
Convert that giant pretzel jar into a stash fund. When you come home each day, empty your pockets of coins and one dollar bills and put them in the jar. Before you know it that jar will be full and contain a nice deposit for your emergency account.

Pad Your Budget
Overestimate your projected costs. For example, instead of allowing $100 a month for gas, increase the amount to $125 and each month put the leftover money into your savings account. You can do this with any weekly or monthly expense. Get more tips for budgeting.

Make a Contribution Towards Savings Every Month
Add your emergency account to your list of monthly bills. Before you pay your utilities, pay yourself. You will have to decide how much you can afford to pay yourself, but if you are consistent and develop discipline about this, you will be happy with the results. You can begin with something as low as $5 or as much as $100. It depends on your particular situation.

Shop For Low Interest
This is a good time to refinance your loans. Call several banks to shop for lower interest rates for your home, car, or motorcycle loans. The rates are low now, and there is a good chance you can save money each month with new loans. You can put the money you have saved each month into your nest egg account.

Diet While You Save
Here's an idea to save you money and help you lose weight at the same time. Take the money you would spend on sweets and other fattening snacks and desserts and put it in the bank. As your waistline decreases, your savings will increase!

Eliminate Bad Habits
Keeping up with the healthy saving tips: if you can give up your expensive vices, you can improve your health and have extra money to put into your savings account. Examples of these bad habits would be gambling, alcohol and cigarettes. These dependences are expensive and not good for you, so cutting them out will make a huge difference in your life. My friend was spending $32 dollars a week on cigarettes and was able to put an extra $110 a month into savings when he did himself a favor and gave it up!

Put Some Distance Between You and Your Money
Put a chunk of money in a bank that is NOT close to home and let it sit there. For example, when you return to your home town to visit, open a savings account there. Return to your current home and your money can safely remain in that other state.

Involve the Family
Sit down with your family and brainstorm ways to spend less money. Explain to your children (who are at least 6 years old) that you want to save some money in case you need it for something that might break in the house or someone gets sick. Some ideas to suggest are eating out less, renting movies rather than going to the movies, buying fewer gadgets, toys or clothing. These kinds of changes add up. If each family member comes up with a way to save, everyone will be proud to contribute to the family emergency account. Be sure to deposit the money saved into the savings account. Let the family join you to watch that balance grow. Get more info on 'saving on family fun'.

Make the Most Of a Loan You Have Satisfied
When you finish payments for a debt such as an auto loan or a credit card, continue to plan to pay the bill, but deposit the money in your emergency fund. You will continue to have the same monthly expenses, but now the savings account will be growing.

Access Your Autos
A suggestion that usually makes people cringe is to examine how many cars are in your family and decide if you can manage with less. You may not need as many cars as you have. The money you would save on insurance, the loan payment (if you have one) and the gas can make for a huge addition to your emergency account. Another thought would be whether you can downgrade to an older car and eliminate a car payment that way. Then the car payment becomes a savings deposit each month. These are sacrifices that will pay off in the long run and result in a safety net for your family.

Protect Your Money From Yourself
If you are worried that you will lose will power and remove money from your emergency fund, you should consider putting your money in an account that is not easy to withdraw from. Consider buying CD's or Federal Savings Bonds. Talk to your bank. They will be happy to help you decide which is the best way to protect your nest egg.

Work More
Is there a way for you to earn extra money? Can you work a few hours in the evening or on weekends to supplement your income with money that you can send straight to your savings account? You may have a skill that other people can use, and they would pay you do some contract work. Check Craig's list. You might be pleasantly surprised to see that someone is willing to pay you for your skills. You can also put a free ad on Craig's list offering your services. Our friend does repairs and odd jobs for people and he finds his clients on Craig's list. Then word of mouth made him a nice side business.

Increase Deductibles
You might find some money to save by increasing your homeowners or auto insurance deductibles. Any money you save can go directly into your savings. Call your insurance company or agent to discuss ways you can save on your insurance and still be protected.

Reduce Temptation
There are many ways to create a savings account online: American Express, Capital One, Discover and ING are just a few examples. You can schedule a repeating monthly deduction from your checking account each month, thus resisting the temptation to skip a monthly deposit to your emergency account.

Don't be impatient with yourself. Implementing some of these tips WILL work for you. Slow and steady wins the race. I remember my 64 year old dad telling me that when he was in elementary school everyone was required to open a savings account through the school. He proudly brought home that bank book with his name on it. The children were encouraged to bring in an envelope with something to deposit in their savings account once a week. His father gave him $.50 each Monday. In those days that was a huge amount of money. At that early age my dad watched his savings account slowly grow and he was motivated to keep up the process all his life.

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