Sunday, 21 August 2011 20:04
Let’s face it, for most people, saving money is hard. It seems like the money is spent as soon as the paycheck hits your account. If saving is hard for you, here are a few tips to help boost your savings.
1. Have a Goal in Mind
It’s hard to save money just because you know you should. If you have something to save for like a vacation, a down payment for a house, or retirement, it makes it easier to know how much you need to save and when.
2. Debit Card Savings
There are many credit unions and banks that offer debit cards that allow you to save every time you use them. You can either round up to the next dollar amount or select a specific amount for each transaction. You’d be surprised how fast your change can add up.
3. Cancel Non-essentials
If you haven’t used your gym membership for several months, cancel it. Look at your bills and see if there are items that you can live without like extra TV channels, magazine subscriptions, etc.
4. Set-up Automatic Savings
If you aren’t already, set-up a portion of your paycheck to direct deposit to a non-checking account even if it is only $10 per pay period. If you are already doing this, consider increasing the amount.
5. Look into Restricted Accounts
If you have a problem dipping into your savings, look at restricted accounts that penalize you for withdrawals. One example of this is a Christmas or Vacation Club account that allows you to save money for a specific time period and then releases the funds.