Building an emergency fund
Perhaps you've intended to start an emergency fund. The barrier has simply been a lack of funds leftover at the end of the month to put aside.
To break the paycheck-to-paycheck cycle that's leaving your checking account balance low, examine your everyday expenses and look for ways you could slash unnecessary spending. Start by writing down all your expenses for a month. At the end of the month you'll likely see several money drains you could plug.
Once you've identified the cause of your dwindling account balance, consider these tips for slashing your spending and freeing up cash for your emergency fund. Bank any money you save in a high-yield savings account.
|28 ways to save for an emergency fund|
Cut down on phone extras.
1. Get back to basics. Cancel all the extra services on your landline that you don't need, such as call waiting, caller ID, call forwarding and three-way calling. Do the same with your cell phone, and cut frills such as text messaging and picture mail. After all, the point of the telephone is simply to make calls.