Mellody Hobson: How to Cure Savings Phobia

5. Avoid ATM fees and other frivolous purchases

How many times do you use an ATM not belonging to your bank? If you are like most consumers, the answer is too often. With the average surcharge levied around $3 ($1.47 from the other bank and $1.50 from your own) this is a sure way to cut into your savings. Assuming you visit an ATM outside of your bank's network once a week, you are looking at $144 you could have put toward your emergency savings account.

Additionally, make a commitment to not buy a single item of clothing unless it is on sale. This is another easy way to avoid unnecessary purchases and to save some additional money.

6. Avoid the mattress

The ideal investment vehicle for your emergency fund is one which is safe, liquid and easily accessible. Avoid stashing your savings in your mattress, closet or drawer as your money is not only at risk of being misplaced or stolen, but a bedspring, pile of clothes or pair of socks are the only things keeping you from skimming the fund. Additionally, you want to avoid putting your money in an account with ATM access or check writing privileges. As such, the best choice is a money market fund:

Money market fund: A money market fund is an investment vehicle offered by a brokerage firm or mutual fund company. The money invested in such a fund is invested in highly liquid, safe investment options like U.S. Treasury bonds. The investment return in a money market fund is slightly higher than a bank's money market account, but the money invested is not insured. Despite the lack of FDIC backing, this is my preferred vehicle for an emergency savings account because you cannot access your account through an ATM. However, it is important to invest in a money market fund with a proven track record. You want to avoid money market funds that advertise their "high" rates of return as this is one fund account where you absolutely do not want your money to be at risk.

Mellody Hobson, president of Ariel Capital Management (arielmutualfunds.com) in Chicago, is "Good Morning America's" personal finance expert. Ariel associates Matthew Yale and Aimee Daley contributed to this report.