How to save for an emergency if you already have credit card debt.
But a new credit card is atoward stability; you should only do it if you also make an effort to reduce your monthly expenses and replace any lost income with unemployment pay or a new gig. You should also make debt payoff a priority, even if it takes longer than you expected, as well as look for ways to save where possible.
"Be critical in your examination of your budget – determine what's a 'need' and what's a 'want,'" says Tayne. "You may be able to cut back in some areas to free up funds to put into an emergency fund.
If you are too cash-strapped to save up six month's worth of expenses, Ariely says to build a small savings account of at least $500 . Many other experts recommend saving at least $1,000 before pivoting to intensive debt payoff.credit scoreOnce you reach $500, begin putting any excess money toward your credit card debt each month. You can determine how much more you can afford to pay based on whatever extra cash remains in your account after you've covered your essentials.
As your economic situation improves, you can work to increase the amount you save every month incrementally. The important part is getting into the habit.Another way to get out of debt is to transfer an existing balance to a
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