This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

5 Fast Ways To Ease Money Worries

Botkin says to avoid choice in the matter all together.

"Do what the government does with taxes and deduct your emergency cash savings from your paycheck automatically before you get it," he says. You can accomplish this today by simply changing your paycheck direct deposit deductions to funnel 5 to 10 percent of every paycheck into a savings account for emergencies.

To get the most from your fund, you'll want find the best savings account interest rates available, but Botkin says the most important thing is to simply park your emergency cash in any FDIC-insured savings, checking or money market account that offers immediate access when you need it.

3. Plan an attack on debt

If you are ready to get rid of credit card debt, spend an hour collecting your credit card statements today and create what Botkin calls, "The Matrix of Debt," a simple chart that lays out your debt repayment plan:
  • List your creditors from smallest to largest total amount of debt.
  • Next to each, list the total amount due, the interest rate, the minimum payment and the duration to satisfy each debt.
  • Start paying more toward the smallest debt first by applying any savings (found by tracking your expenses, above) plus the minimum payment every month until satisfied. Keep paying minimums on all other debts.
  • Once a debt is paid off, apply that monthly savings amount -- which should be larger in the absence of the minimum payment from the first debt -- to the next smallest debt's minimum payment.

This approach is designed to shrink the number of monthly minimum payments you need to make and reap the psychological benefits of reducing the number of debts you face. While it takes commitment and a butcher-knife approach to cutting expenses to free up the money necessary to pay debt, when used properly, it can yield progress in a hurry. Also be sure to set up due date payment alerts so you never suffer setbacks from late fees.

4. Make a commitment to your retirement

Botkin says that saving for retirement becomes important once you have an emergency cash cushion and credit card debt is satisfied. That's because credit card interest rates are typically between 12 and 20 percent while retirement investment vehicles earn just a fraction of that.

2 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
TSLA $241.80 0.00%
YHOO $36.53 0.00%
AAPL $93.64 0.00%
FB $118.57 0.00%
GOOG $698.21 0.00%


Chart of I:DJI
DOW 17,891.16 +117.52 0.66%
S&P 500 2,081.43 +16.13 0.78%
NASDAQ 4,817.5940 +42.2360 0.88%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs