How to Put Some Money Away for Savings
A savings account can give you a financial buffer, providing money in case of an emergency. When times are tight, it can be difficult to save, which can lead to problems down the road. Whether you are saving toward a goal or simply creating an emergency fund, find small ways to save money without feeling the pinch in the present. Even small amounts of money here and there will add up over time.
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Instructions
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Ask your employer to transfer a part of your paycheck into a savings account each month. Talk to your accounting department to have it pull out a certain amount each month before you even get your paycheck; choose an amount that will not affect your ability to pay your bills each month. Direct it into a savings account that is not tied to your main checking account so that it will be more difficult to spend.
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Eliminate a few luxuries per week and put the money into your savings instead. If you buy a $5 cappuccino every morning on the way to work, cut out two of them and have coffee at home. Rent a movie instead of going to the theater; cook meals at home instead of going out to eat or cut down on a shopping habit. Choose small luxuries that will not affect the quality of your life.
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Put away small change. Every time you have less than five dollars in your wallet, put it in a jar or an envelope and keep it in a place that is out of sight. You can do the same with coins. Because of the small amount, you won't miss the money and it will add up over time.
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Keep paying yourself once a loan or credit card bill has been paid off. If you pay off your car, continue taking the payment amount out of your paycheck and put it into a savings account instead. Because your day-to-day finances are already planned around the payment, you can save without sacrificing more than you already do.
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Save the money you save on groceries. Use a discount card for your preferred grocery store and note the amount of money saved at the bottom of the receipt. Put that money into your savings account, where it will grow each time you shop. Because it comes on the heels of a grocery bill, you are less likely to miss it.
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References
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