For most Americans, debt is just another part of life. And with bills attached to everything from your home to college tuition, getting caught up in all of the costs associated with debt can sometimes be so overwhelming that saving gets put on the back burner when managing your personal finances.
But saving money doesn’t have to be an afterthought. At any point in time, you can commit to increasing your contributions and little by little, your savings will grow.
Here are three ideas for easy ways to save to help get you started:
- Spend Less, Save More – This is a no-brainer. If you’re spending habits are preventing you from saving money, something needs to change. Take a good look at your finances and determine what costs you can cut down on. Whether dining out less or seriously asking yourself if you really need that new pair of shoes, cut down on unnecessary costs and start contributing some of that cash to your savings account.
- Automatic Deposits – With the benefit of modern technology and online account management, it’s never been easier to manage your money and contribute to your nest egg. If you’re already getting your paycheck deposited directly into your checking account, consider allocating a small portion of your income (even starting with 5% can make a difference) directly into your savings account on payday.
- Change Matters – Remember saving all your spare change in your piggy bank as a child? Adding to your ‘piggy bank’ is still one of the easiest and most effective ways to save small amounts of money. Get an adult version of a piggy bank – a mason jar or an unused vase will do – and start throwing in that spare change that piles up on your dresser or in your purse. It will add up quicker than you think!
Dedicating more of your income to savings can be a challenge at first and often takes a good amount of self-discipline. Once you make the commitment, however, your savings will transform dramatically.