Tips for Building Savings
Even if you have every intention of saving the money left over at the end of the month, the reality is that there probably won’t be any left over. A better plan is to put money away first, before it is spent.
It doesn’t matter how much you save every month. The important thing is making the commitment so that monthly saving becomes a habit…one that will help you achieve a more secure financial future.
Here are some ideas to get started saving:
- Have your employer automatically deduct money from your paycheck and deposit it into a savings account. What you don’t see, you won’t miss.
- Have your financial institution automatically deduct a set amount from your checking account each month and deposit it into savings.
- Put $1 a day, plus pocket change, into a large envelope or a jar. At month’s end, deposit that money into your savings account.
- Save tax refunds, raises, or bonuses instead of spending them.
- When you purchase a product, send in any rebate forms. Put that money in savings.
- Shop at thrift stores and garage sales for great bargains.
- Break costly habits, such as excessive clothes-buying and smoking, and save the difference.
- Start an emergency fund that will help you pay for unforeseen expenses, such as car repairs or medical bills, without going into debt.
- After paying off a loan, continue puting the same amount each month into savings.