Building and maintaining a savings cushion is vital for your financial health. Most financial experts recommend having a minimum of three months' worth of living expenses set aside in case of an emergency, but many people may find it difficult to build up that much money in savings. If you think that you might have difficulty in building up the savings that you need, you might want to consider some of the following ideas.

Focus your spending Create a budget and track your spending. After seeing where your money goes, it's much easier to decide where you can cut. Then live by it.

Treat saving like a bill Consider your monthly savings amount a bill that has to be paid. Pay your account every month or every two weeks.

Think small Many people don't think their budget allows room to save, but even a small amount adds up over time. Depending on the size of your family, skipping a meal out each week could result in a $160 per month savings deposit. Take a good look at your spending habits, and you probably can find $150 or so each month in extras that you could do without to build up savings.

Save your raise

The next time you get a raise at work or a tax refund, consider directing half to savings. If you're not used to the money, you won't miss it.

Continue paying When you pay off a car or other loan, consider making half of the payment to yourself and put it into your emergency savings account. You will not miss the money if it is in savings, but you will find a way to spend it if it remains in your checking account.

Turn off the TV

Don't listen to the advertisements, Ignore sale flyers or mail-order catalogs. The latest sale tempts you to spend money unnecessarily.

Think before you charge

Unless you're in the habit of paying your credit card bill in full each month, don't use the cards for anything you can eat or wear.

Consider a refinance

Shop for loan quotes and see if interest rates are lower than they were when you took out some of your major loans. Consider refinancing your mortgage and your car loan.

Alternate your commute

If you live in an area that has good public transportation, see if you can get around without the car. Maybe you can get by on one car instead of two.

Conserve energy

Do an energy check on the house. Replace cracked storm windows and renew the weather stripping.

Java-jolt savings

If you're a coffee drinker, don't stop at the coffee shop each morning. Make your coffee at home.

Participate in a 401(k) or 403(b) plan If your employer doesn't offer these plans, then you could start saving in a tax-advantaged IRA or Roth IRA account.

Involve the whole family

Even the youngest child can contribute change to the savings goal. It is easier for children to get involved if they understand why they must give up pizza night (or at least cut down the number of toppings!). Also, you are setting a good financial example for your children.

Savings rewards

Plan a treat for you, your family or both when you reach your emergency savings goal. Make it something everyone will look forward to, but not something very expensive, like a day at the zoo or at the beach. The important thing is to mark the occasion and congratulate yourself and all those who helped!

You may freely reprint this article provided the following author's biography (including the live URL link) remains intact:

About the author:

John Mussi is the founder of Direct Online Loans who help homeowners find the best available loans via the www.directonlineloans. co.uk website.