For Many Reverse Customers the Fixed Rate May Now Be the Choice

By Matt Vanrock

If you were to ask me one year ago which choice for senior borrowers was the better one, between the fixed rate and the adjustable, I would have told you the adjustable with few exceptions.

That opinion is changing as the investors in Reverse mortgage backed securities continue to clamor for more and more profit out of these loans.

The margin that banks and their investors needed was at approximately 1% at this time last year. Go ahead and liken the "margin" to "profit margin". It is the profit in the loan.

So, if the borrower went with the LIBOR index which may be 1%, and the former margin was 1%, the interest rate would equal the index plus the margin (1% + 1% = 2%).

Well, margins have been quickly changing. They went to 1.5% by the spring of last year, and changed to 1.75 about 3 months ago.

What do you know, Fannie Mae just informed us a new price change is coming. The margin is expected to rise at least 1/2 point in the coming days.

I have another article dealing with why the adjustable rate option is so good when it comes to reverse mortgages. It still is, but the fixed rate is becoming more and more attractive as these margins rise.

One example is if the borrower cashes out all or the vast majority of the total a possible loan immediately.

If the lender is willing to lend $100,000, if the borrower needed all of it immediately the fixed may be a better choice. The reason is, with the new margin increase, the average 15 year interest rate for the adjustable is now higher than current fixed rate.

Yes, it is true that the ARM is at an unbelievably low point right now, but we're realists and we know this sucker is going up sooner or later.

The adjustable rate mortgage formerly had a big spread between it and the fixed rate in terms of how much money a lender would lend.

The ARM formerly gave a prospective borrower a bunch more cash than the fixed. Not so much now. And who knows, with the new margins, perhaps the fixed will offer more.

The fixed rate was the ugly sister in reverse mortgages. This is changing.

About the Author:

Get your answers right here at the Texas reverse mortgage guide website. Also, ground yourself in fact by heading to the Texas reverse mortgage website.

Credit Repair Form Letter ??" Good to Use or Bad to Use?

By William Blake

If you are getting bothered by debt collectors or if you have discovered that there is an error on your credit report, then you already feel shaky enough as it is. Perhaps you feel off balance and wonder how these mistakes were made. Under this kind of mind set, you don't really want to try and learn a new skill, such as trying to write a credit repair letter. Templates of these kinds of letters are available online. But should you use them?

Warning Signs

If you enter "credit repair letter template" into any search engine, you'll come up with literally thousands of free templates for you to choose from. Or, should you ditch a template entirely and go with copying the FTC's recommended credit repair sample letter up on their website?

There are many clues as to what kind of credit repair letter templates or samples to avoid. These are the ones that threaten legal action in words such as, "I'll sue". You also don't want to follow any credit repair letter templates or samples that could in any way be construed as threatening. "You better pay attention to this letter, or else," is an example of just such a threat, even if you haven't expressly spelled out what the "or else" means.

You also want to avoid a credit repair letter template that has sentences containing ENTIRTELY CAPITAL LETTERS LIKE THIS. This is not only considered rude, it's also considered the mark of either an amateur or a scam artist. Letters containing a lot of capitalized words or exclamation points are not taken seriously because they look like they are written by a child.

Overwhelmed by Your Choices?

If the form letters intimidate you and you just can't decide it may be best to write you own letter. If you are going to do this remember that you want to keep the letter short. Be direct and respectful. Briefly explain what the letter is and your purpose in writing it. If you have a friend, an accountant or other financial expert that you can talk to, get some advice about how to write the letter.

Write the letter as if you are writing it for someone else and you are not personally involved. You do not want to show any emotion ??" anger, fear or frustration. Just state the facts as clearly and briefly as possible.

About the Author:

Tire of barely keeping up with your credit card debt? Get some simple credit card tips on the Debtopedia website. Visit http://www.debtopedia.com for a free copy of my "Secrets Of Credit Card Debt" report.

Mesa Mortgage, an Arizona Mortgage Company

By Brent Mackelprang

There's no need to wait! You can refinance today for less than you might think! Mesa Mortgage a leading Arizona mortgage company asks; what's preventing you from refinancing now? Even with all the talk of a damaged economy and concerns about finances, now is actually the best time to refinance. You may ask; why is this the best time to refinance? The answer is simple; because as a well established Arizona mortgage company, Mesa Mortgage has the opportunity to both help you with your refinancing and give you rates that are always lower than the national average! Other companies simply are not able to offer this kind of security in unpredictable times.

Over the years Mesa Mortgage has proudly established itself as one of the most respected and trusted Arizona mortgage companies. They have been able to achieve this very prestigious reputation by setting industry standards with absolute commitment to customer service. They are dedicated to making sure your mortgage and refinancing needs are attended to in every way.

Often home owners feel refinancing is the only option they have and sadly, there are some Arizona mortgage companies who view this as a chance to persuade people to refinance even if it is not necessary. At Mesa Mortgage, our goal is to answer your questions and assess your situation to make sure refinancing is really your best option. And if refinancing is the best option, Mesa Mortgage, as an established Arizona mortgage company can do it for less.

Many times individuals talk themselves out of refinancing when refinancing is the best thing for them. All too often concerns about a lack of steady income, high interest rates or potentially high monthly payments prevent individuals from refinancing. Mesa Mortgage can help you determine if refinancing is right and they will gladly resolve any concerns you may have.

As a leading Arizona mortgage company, Mesa Mortgage is able to help potential home buyers get into their new homes faster and more affordably. Among the reasons to choose Mesa Mortgage you'll find that they offer low rates and low payments. Additionally, their loan program identifies the loan that is perfect for you and your needs.

Mesa Mortgage makes applying for a loan or refinancing simple with their online application. By applying online you are guaranteed quick processing with up to date information available. Along with the online application, you'll find that Mesa Mortgage has rates that are considerably lower than many Arizona mortgage companies and rates that are always lower than the national average!

There are a variety of loan program available from Mesa Mortgage, programs that truly distinguish them from other Arizona mortgage companies, including Challenged Credit loans, Second Mortgage loans, Jumbo loans, investor loans and more.

Among the many kinds of loans you'll find at Mesa Mortgage, some of which other Arizona mortgage companies do not offer you'll also find Construction loans, Investor loans, FHA Mortgage loans, VA Mortgages and more. And Mesa Mortgage proudly offers the most competitive and appealing rates on all of their loans.

About the Author:

Looking to Refinance your home? Pick the Mortgage Company in Arizona with financing rates that are always less than the national average!

A Quick Look At Mortgage Refinance

By Ned Dagostino

There are two common situations which lead people to consider refinancing their mortgage. One is to save money by taking advantage of lower interest rates. The other is to manage an unwieldy debt repayment situation. If you are currently looking out to refinance your existing mortgage here are some important points you should consider very carefully.

Maybe you have a number of small monthly repayments and these are becoming increasingly difficult to manage. You can refinance the mortgage and get a loan large enough to pay off all the small debts at once. You can then concentrate on paying a single monthly repayment. This makes things more manageable.

If you're keen on saving money by reducing the interest burden of your current mortgage, then getting a fresh financing scheme may help you save a sizable sum of money. This works if your current mortgage is linked with the variable market rate, the current interest rate is very high and the market trend shows no inclination of climbing down. You can save a lot of money by opting out of your current mortgage and getting it refinanced. The secret is to get a fixed-rate loan with a reasonable interest rate.

Whether refinancing is advisable for you depends on your particular situation. Let's consider some situations where refinancing is not a good option.

Many a time, refinancing companies fail to mention what the actual cost of refinancing is. You may think you have hit upon the perfect plan which will save you at least $10,000 over the next 10 years. Only, you find that you have to pay brokerage fees of $1200, a foreclosure penalty of $8000, and some other fees amounting to $1300 to initiate the refinance! So instead of saving $10,000 you actually end up losing (in a manner of speaking) $500! Even if you don't end up 'losing' money the amount of saving may be so low as to be negligible, in which case the whole refinance exercise is pointless and best avoided.

Information is your greatest asset in making up your mind about going in for mortgage refinance. Gather all the data and information you can about the various mortgage refinance schemes on offer. Go online and get the latest market buzz about interest rates and mortgage refinance schemes. Tabulate your findings and make a comparison chart. This will help you in evaluating the best refinance schemes available.

Find out the total amount you'll have to pay upfront just to kick start the mortgage refinance. Some brokers conveniently forget to mention that brokerage fees will be taken before the refinance kicks in. Financial advisors fail to tell you that you have to pay a penalty when you pay off a mortgage before the maturity period. Forgetting to mention these fees and penalties is not a problem except that these are really hefty amounts we're talking of here. The total upfront costs can wipe out all your expected savings, and, in some cases, can actually make you incur a loss.

Refinancing will be beneficial for you if you are able to save more than you spend on all the fees and penalties involved in refinancing. One very important factor that you must consider is whether there are chances of your moving out before the refinanced mortgage expires. If there are good chances of your moving out soon, then, far from saving you money, the refinance is going to cost you a packet!

Refinancing your mortgage is a good way to save money by opting for a lower interest rate regimen. It is also a good way of consolidating your debts. But that is not be construed as a clean chit for every situation. Refinance has to be debated on a case by case basis according to the particulars of the situation. So what works for Bob may not work for Bill. The most important thing is to perform an exhaustive market survey before going in for refinance. Be very careful in computing the refinancing costs. Ask other people who have taken this route about their experiences and seek their advice. Be wary of hidden charges. These surprise charges may make the difference between saving $10,000 and paying out $500!

About the Author:

There are many other refinancing choices available to you besides a simple house refinance. You can refinance just about any loan including your car, trailer, or even a manufactured home refinance can put extra cash in your pocket. Go to www.Home-Mortgate-Refinancing-Loan.com to learn more.

Home Purchases with Reverse Mortgage - HUD Revises Deal

By Veagure Vanrock

I was pleasantly surprised in November to see two things: One was a HUD mortgagee letter stating they would allow home purchases with a reverse mortgage.

Up until now all seniors could do with the reverse mortgage is refinance their current home.

Borrowers are taking much pleasure in this. They can now apply the reverse mortgage in the same way as a typical mortgage, and come out in the end not having to compensate the lender monthly.

The other part of the letter that was amazingly good, so good I had to read it three times to make sure I wasn't seeing things, was that the loan would be based upon value rather than sale price.

Under the current policy for the refinance using a reverse mortgage a lender loans money to the senior based upon multiple factors, but primarily on the appraised value of the home.

When a reverse loan is used to actually buy a home the same would apply, except in this case the lower number between price and appraised worth would be the factor.

For a reverse mortgage purchase to be based upon value only sounded almost too good to be true.

Here's how it could play out. Say a borrower scrounges around and finds an amazing house really cheap. Its on the market for almost half of what it should be. In this circumstance, at closing the senior might not have to front anything out of pocket.

The Dept. of Housing and Urban Development doesn't just give things away. They arent considered strict by any means, but they want to make sure that there is a down payment. The senior must give something in order to get something.

Well guess what? HUD agrees with me. It is too good to be true. They eliminated that clause and have reverted to traditional lending practices.

It's interesting HUD takes seemingly forever to put out their mortgagee letters to us lenders. You'd think they have teams of lawyers working day and night making sure the thing is right the first time.

Not so, this particular letter was out no more than two months before revision.

In summary, the official basis of the reverse loan, when used to buy a new home, will be the lesser of the price or value.

About the Author:

Get the low down on the a California reverse mortgage and how you benefit and may be hurt, go here. Or take a little trip over here for fact after fact about the reverse mortgage in California

3 Tips for Finding a Consumer Credit Counseling Service

By Steve Collins

Selecting a consumer credit counseling service seems like a fairly straightforward task. However, with the field growing by leaps and bounds, it is in your best interest to take some time and follow a few tips to make sure that the consumer credit counseling service you choose is reputable and offers the best services.

One recent and unfortunate trend in the industry has been a steady rise in the numbers of consumer complaints lodged with various reporting agencies and watchdog groups that keep an eye on the consumer credit counseling service industry. Sadly, whenever an industry sees meaningful growth year after year, the temptation of easy money invites disreputable players who, provide poor service and even actively work to cheat customers. It is particularly upsetting when the business caters to people who are already facing grave financial problems.

One of the best tips when looking for a credit counseling agency is to pass over any consumer credit counseling service that has not been in business at least 8-10 years. An extensive track record in the consumer credit counseling service industry typically indicates a business that is run professionally and that provides good services for the fees they charge.

A second tip is to verify the professional accreditation of each consumer credit counseling service you're considering. Look for agencies that have been formally accredited by either (or both) the Council on Accreditation (COA) or the International Standards Organization (ISO). Note: always make sure that the consumer credit counseling service you choose has a current accreditation with these organizations! Some will have been accredited in the past, but may be operating now on a expired certificate.

Finally, due diligence requires verifying with the Better Business Bureau and your State's Attorney General's Office for complaints against the agency. You might be astonished by what you uncover with these simple checks. Many disreputable credit counseling agencies remain in business, even after many complaints have been lodged against them. Take the time to check each one out thoroughly before choosing one and paying them for their services.

About the Author:

Steve Collins is an author and journalist. In these trying times, he knows the importance of obtaining effective debt solutions if necessary. Read his article about debt solutions here.

How to Maximize Your Time with a Credit Counselor

By Steve Collins

Seeking the services of a credit counselor is an intelligent way to find a solution to your financial problems. An experienced credit counselor has a full arsenal of suggestions and strategies to help you in making the most of your income and modify your spending habits as you work towards reducing and eventually eliminating your debts.

A key to making the most of your time with a credit counselor is to have certain pieces of information in hand prior to your first meeting. Being ready will help you both avoid wasting time on activities that could have easily been done on your own such as making a list of your expenses and income.

The first thing a credit counselor will ask you is how much you make and how much you spend. The answers need to be exact so that your counselor can help you work out a budget that is actually achievable. As any good credit counselor will tell you, its easy to underestimate how much money youre actually spending every month, so dont simply estimate it. Take a moment to look over a few months worth of bank savings and checking account statements and all of your credit card and store card statements. Try to use the average of at least the last three months to get as accurate a picture of your true spending habits as possible. This is precisely the kind of information your credit counselor will bank on to give you the best help he or she can.

If your income fluctuates because youre self-employed, work on commissions, or get bonuses from time to time, find an average for the last 6-12 months. Again, this is a more accurate picture of your true income numbers, which will greatly improve your chances of maximizing your time with a credit counselor. Having this information in hand before your first meeting with the credit counselor will mean you can move on to the advice portion of the meeting much faster.

Finally, it is a good idea to write out any and all questions that you may want to ask the credit counselor the night before your meeting so that its still fresh in your mind during your session. Remember " there is no such thing as a stupid question when it comes to finding ways to improve your financial situation!

About the Author:

Steve Collins is a writer and journalist. In these trying times, he knows the importance of obtaining effective debt solutions if necessary. Read his article about debt solutions here.

Talking Your Way to a Better Remortgage

By Neal Dawes

It is undisputable that finding a good remortgage deal for your house is going to be a difficult task to do. Finding a good deal is probably going to include you bargaining your way into it. If your goal is to get the best deal possible, you are going to have to plan on following these tips and bargaining to get the best mortgage possible

Find out what your current situation is. It is important to find out what your current mortgage's interest rate is and how much of each dollar that you send in is currently going towards the principal of the loan. If you don't have your loan stubs handy, you can check the Internet for a calculator that will figure out the numbers for you. When you see how much of your payment is going towards the interest and not towards your loan you are going to want to learn how to bargain.

Next, you're going to want to meet with a couple of banks. When you're looking at remortgaging your house, you're going to want to think of the first bank that you meet with as a practice bank. Use this bank to test the waters and see exactly how much you're going to be able to negotiate. You don't want to use the best bank as your first bank. Remember, you are practicing and using this opportunity to do a bit of research, and hopefully you're going to be able to negotiate better with the future banks that you talk to.

Compare banks. When you are finished talking to banks and bargaining to get the best deal possible, you are going to want to go back and tell them exactly what the other banks are offering you. By using better quotes against a bank, you are going to get them to lower the interest rate or fees even more if they want your business. A good bank is going to match the best bank and may even give you a special gift or lower interest rate. Banks are going to fight for your business if you have a good credit history and pay your mortgage on time.

Put on your game face. After going to a remortgage appointment, the loan officer will often call you to try to convince you to choose their bank. Tell them that you are still looking into other banks and watch the interest rate drop even more. The first time they call they might offer you a slightly better deal. By the time they have called three or four times you know that they have given you the best deal that they are going to offer. Put on your game face and get a better deal than you originally bargained for.

If you aren't prepared to do the research needed and talk to several banks than you aren't going to get the best remortgage deal out there. If you don't want to do it, ask your husband or wife to do this work for you. By talking to banks and convincing them to give you a better remortgage deal, you are going to save tons of money.

About the Author:

Want To Remortgage? Telephone Brendan at 01 4790579 Now

Stock Option Trades

By Walter Fox

The privilege sold by one party to another that will give the buyer the right, but not an obligation to buy or sell a stock at the agreed upon price within a period of time or on a certain date is known as stock option trades. Stock option trades have evolved into one of the busiest markets for the buying and selling of commodities. You can gather more information on how to learn the art of trade options.

Stock and option trades offers to learn to trade options in the stock market education and trading systems, expert trade alerts, stock market education on Trading Stock Option. It is one of the fastest growing companies in the world serving individual investors or corporate people to getting the stock alert from the money mangers through pioneering trade.

Stock and Option Trades offers a revolutionary approach to stock market trading through its sophisticated trading system, as well as quality services such as Trade Alerts, Trade Updates, Market Educational Newsletter and Interactive Blog. It is used to produce consistent winners and learn how we can produce incredible trading results.

There are so many kinds of teaching and learning methods conducted by the universities or the individual experienced trade people are available on the internet. Even many marketing research companies are providing the course like stock option trading system power options can help us to learn to trade options with advanced stock option trading courses.

A benefit of stock options is making profits in any market. Making a profit when the prices are going up and even when the prices going down. This involves using the options to your advantage in a volatile market, with an up-and-down roller coaster market. The average person is good at rapidly turning a small amount of money into vast rewards, without the worry about the market trends.

Learn to trade options has changed the average investors' involvement in trading their own stocks. The availability of company information has become so widespread and easily attainable that researching and finding stock to buy and sell is as easy as logging onto computer.

An option spread trading strategy is created by the buying and selling of the same category of option contract. Call strategy involves the buying and selling of calls and to put strategy on going long or short on two contracts. For the trade position to be lucrative and go ahead you need the market to be rising on the stock

Many online option trading companies have developed and this makes more information available to people. The information can be able anything and example of some information is about existing market strategies. This makes it easier to get a hold of as much information as you would like. Having a single platform for multiple exchanges and everything in one place makes the information easier to obtain. There are many studies that can be found and just a few of these are Vertical, Horizontal, trends and free lines.

About the Author:

TheScienceOfTrading.com provides 90 free minutes of videos on option trading systems and provides a complete and detailed stock trading course for beginners to experts.

Student Loan Default: How to Deal with It

By William Blake

The Department of Education has many different avenues with which it works hard to get money back from individuals whose student loan payments have turned into student loan default. Defaulting on a federal student loan can become such a costly event that it often becomes more expensive than an individual's original student loans ever were. This is mostly owing to fees that are charged by loan guaranty agencies and collection agencies that the Department of Education employs to get their money back.

If you are in student loan default then the IRS can legally intercept your entire income tax refund until all your loans are paid in full. When it comes to student loan default this is the most common method the U.S. Department of Education uses to collect. The IRS will be notified of your student loan default if you haven't made a payment within 90 days.

You have sixty-five days, starting from when you receive notice of the default status of your federal student loans, to object that claim. In order to do so successfully, you must be able to furnish written proof of loan repayment, a negotiated plan for payments along with the payments themselves, bankruptcy filing, your own personal disability that prevents loan repayment, having dropped out of school, or any other applicable reason that would make the lender unable to demand the borrowed funds.

What You Can Do About Default Student Loans

There are some options regarding what you can do about your default student loans. Choosing the right option for your specific case might even mean being able to regain financial aid eligibility, make your credit rating better, and possibly have your student loan default stricken from your financial record.

The first and best option is loan rehabilitation. This is the only option that allows you to restore your credit rating and your eligibility for further financial aid. To qualify for this option you will have to make satisfactory repayment arrangements which usually means nine consecutive, full payments in about twenty days of their due date.

These payments must be voluntary, meaning that they cannot arrive to the lender by means of wage garnishing, lump sum payments, or legal proceedings.

If you make arrangements for a one time satisfactory repayment of a defaulted loan then you can restore your eligibility for financial aid. In order for this to happen you will need to make six consecutive, acceptable monthly payments within fifteen days of their due date. The acceptable payments are typically fifty or the accrued interest rate.

About the Author:

Looking for credit card debt assistance? Stop by the Debt Reduction Academy website, where you can claim your free 5 day mini course "Operation Money-Find: How To Find Money To Start Paying Off Your Debt This Month". Grab your copy now at http://www.debtreductionacademy.com/minicourse.php

Avoid Student Debt Through Consolidation

By Glen Stroude

Many college students are often saddled with multiple debts due to financial assistance required. This can result in a potentially dangerous situation before or after graduation. These students might end up being overwhelmed by the debts they have to pay off even before they have seen any realized income.

It is not the end of the world though for any student facing such a scenario. There are ways to overcome this and come out of it stronger and in a better financial state. It will take some time and patience to do so, but the results are well worth the effort.

How can one service the multiple student loans that have been taken up? Other than paying them singularly, consolidating the loans into one single periodic payment is suggested by most credit counseling companies. To encourage more to take this option up, some incentives are offered to students.

As a student, one must understand how the process works. Basically, the various loans that the student owns is taken together and serviced as one single debt. This debt will be taken on by the credit counseling firm in the place of the other creditors.

The individual creditors will deal exclusively with the credit counselor instead of the student. The loan is then repaid over a contracted period with the student, using the offered interest rate. This is where the best part of consolidating student loans comes into play, with interest rates given to students extremely low.

What are the specific benefits that the student has from consolidating the debts into one single loan payment? Other than the much lower interest rates that are afforded, it also results in smaller regular payment amounts. This can help to free up existing money for the student to be used in other areas such as daily necessities and utilities.

For student loans, government and private credit counseling firms will offer much lower interest rates compared to those priced on commercial loans. This is partly in consideration to the students' financial situation. It is also used to encourage more to take up further education with some financial assistance afforded.

Consolidating student loans should be done before the grace repayment period is over. The lower interest rates during this period will be raised once it is closed to the student. The reason is that credit companies will be unwilling to take up the higher risks during such periods.

About the Author:

Glen Stroude works for a credit company that offers advice on how to consolidate debt. Student loan debt consolidation is a method for students to free themselves of debt resulting from multiple loans.

Saving For a Rainy Day: Your Emergency Fund

By Darren Cason

Financial experts agree that a family's emergency fund should be large enough to pay their expenses for three to six month's worth of living. This means enough money to pay your monthly budget for up to six months. Seems like a lot, and it can be if you have no savings at all, but it's not impossible to save this amount. The first thing you'll need to know is how large your "Rainy Day Fund" needs to be.

So the first step is to figure your monthly expenses: mortgage payment, car payments, insurance, household expense, groceries, and so forth. Include everything. Don't forget your monthly bills like cable television and electric. For the average household in America, this totals to about $3,400.00 per month. Once you know what your number is, you can times it by three and by six to get your three and six month goals. So if yours is the average, three months is $10,200 and six months is $20,400. Big numbers, but you'll see how they can become workable.

What is this emergency fund for and why are you supposed to have it? That's a good question and one that should be answered because it's your incentive for working towards having your six month's of funds available. We live in an uncertain world with uncertain times and economies. You never know if you're going to lose your job tomorrow, need a new roof on your house, or have a disaster happen. Emergencies have a way of showing up when it's most inconvenient. That is what your emergency fund is for.

If you're saving for retirement, then (in a way) you're putting away an emergency fund. Your emergency fund can be as easy to set up and build as your retirement fund is. All you need to do is think about your goal and figure out how you're going to attain it. You'll soon see that saving three or six month's worth of expense money is chump change compared to your fifteen or more years of retirement funds.

So approach the emergency fund like you would any financial goal: think ahead and plan right now. You've already figured out your monthly expenses, so now you need to look at an overall monthly budget. How much do you make in a month and what is the difference between that and your expenses? Most people consume about 65% of their incomes in just housing, food, and transportation. That means you've got about 35% of your income to work with: income that is "discretionary."

Now you have your goals and an idea how you're going to get there. Obviously, that whole 35% number isn't available, but it's your starting point. Consider your savings plan over a 2, 3, and 5 year period and see if you can achieve your three month's emergency savings inside 3 years. Working with our $3,400/month number from before, you'll see that this is only $340.00 per month for two and a half years. That's 10% of your income.

Now for the fun. Over time, you can increase what you're putting into savings by changing some of your lifestyle habits in the long run. For instance, when it comes time to buy a new car, opt for one that's less expensive to purchase or to operate (or both). Find out if refinancing your home mortgage or a debt consolidation procedure would save you money over time. Consider donating time, money, or items to charities to increase your tax savings. And if you are using more than one credit card, check if a balance transfer option would work for you. These are just some of the ways you can increase your savings over time.

If you keep your goal in mind, set up the payments to the emergency fund in the same way you do all other bills, and then work towards your goal diligently, you can have a six month emergency savings before you know it.

About the Author:

Join Darren Cason at www.debtjerk.com. The more you know the better decisions you can make, like the topic of balance transfer debt consolidation.