Ways to Save - Getting Started

Let's face it, saving money is easier said than done. Most people find saving to be difficult, so here are 10 tips to get you started:

  1. Pay yourself first. The single most effective way to save money is to pay yourself first by putting a portion of your paycheck directly into the bank. If you never see the money, you won't miss it.
  2. Know where your money is going. By creating a budget and keeping track of your spending, you'll be able to make wise financial choices. The Budget Builder is a great place to start.
  3. Always pay in full. It's best to pay your bills in full every month to avoid paying interest. Can't afford to pay in full? Pay the most that you can and find a way to cut your spending.
  4. Establish savings goals. Not sure how? Follow the 70-20-10 Rule.
  5. Make money off of your savings. Make sure you put your money in an account that earns interest. Comparison shop among the banks in your area to make sure you're getting the best rate available.
  6. Use cash. When you use cash, you know you have the money available and you avoid any potential misuse of your credit cards.
  7. Maximize your piggy bank. Most people find it easy to save in small increments. Any time you have change in your pocket—or a $5 bill in your wallet—drop it in your piggy bank. The savings will add up fast.
  8. Set a daily or weekly spending budget. Haven't had an allowance since you were a kid? Give yourself one and stick to it. You won't waste a penny if you budget your spending over shorter periods of time.
  9. Avoid unnecessary fees. Overdraft fees and late fees are simply a waste of your hard-earned cash. Avoid them by spending within your budget and paying your bills on time.
  10. Share. A great way to save is to split the cost of everything. By pooling resources, everyone ends up with more money in their pockets!

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Ways to Save