First, stop or reduce your credit card use and set up a monthly automatic transfer to a savings account so you can build an emergency fund for unexpected costs. The classic advice, to save six months’ worth of expenses for emergencies, isn’t realistic right away. But you can transfer just $5 to your savings account each month, says Erik Kroll, a financial planner at Hilltop Financial Advisors in Milwaukee. (Beware of minimum balance requirements, though.) When you realize you don’t miss that $5, you’re likely to bump up those savings deposits.
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