E is for Emergency Fund

Some people have credit card and installment debt because there was a financial emergency, like a car repair, medical bill, or a home appliance repair.  Without an emergency fund, how else do you cover those costs, other than taking on debt?

You must immediately (and that means today) find ways to cut down on discretionary spending.  Stop charging with your credit card. Pay cash for everything. Cancel the premium cable package. Bring your lunch to work.  Cook at home.  Invite friends to a potluck. Stay home for the weekend and visit a museum, a botanical garden, or explore your city as a tourist might. Make coffee at home and bring it to work in a thermos. Take the bus. Carpool. Consider getting a roommate, a part-time job.  Hold a garage sale. Do what it takes to put away $750 in a savings account that is difficult to access but available for an emergency.