When it comes to saving money, you are either taught when you are young or you’re screwed for life, or at least that’s what many past experts would tell you. It’s hard to unlearn the things that you have grown up with and most never do! So the experts are not completely wrong. But when it comes to learning to save money and learning to budget money, you can learn. It may be a struggle, and some would say that some of us are just savers and others of us are just spenders. But creating a rainy day fund is necessary and a great thing to learn.
When it comes to creating a rainy day fund, the first thing that you have to do is to eliminate debt whether that be credit card debt or something else. Now a mortgage debt is actually a good thing. But even a car payment could easily be eliminated by paying it off. If you have a little debt, you can obviously do this on your own. But if you have a lot, like $10,000 or more, you should look into credit card debt consolidation. After all, you can never really save if you’re always throwing your money into debts and lining the creditor’s pockets.
Now there have been quite a few things said about credit card consolidation in the past. Frankly, many credit card companies want you to look down on it! They want you to think it’s not an option. But it’s because they are losing money. They are losing the money that you would have paid in interest, they lose a little money that you owe in interest now. It’s not in their best interest. But when you are paying it off faster, you don’t have to deal with their calls, and you have just one payment per month that you can actually manage and even pay off faster to get closer to financial stability and a rainy day fund, credit card debt consolidation is in your best interest!