Things You'll Need:
- "Piggy Bank"
- Online Banking
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Step 1
SET A MONTHLY GOAL. You don't have to overreach, you can even say that you want to put $100 a month into your savings account. For kids, you could choose amounts closer to $10 or $20 dollars a month and explain to them that at the end of the year, they will end up with close to $200!
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Step 2
INCITE YOUR KIDS TO SAVE. Teaching children to start saving at a young age is important because it will encourage them to do so in the future as well (old habits die hard). Tell your kids that you will match their savings (or half of their savings) at the end of the year. You can also allow them to take out a small percentage and buy a toy or treat that they have wanted.
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Step 3
KEEP THE CHANGE. When you pay with cash and receive a load of coins in change, put them away in a piggy bank (or bottle) and count them up at the end of each month (or few months, depending on how much cash you use). Change adds up! You can get it counted at most supermarkets and only lose 8%, or free if you are a Bank Atlantic customer. If the amount is significant, you can save the service charge by rolling it yourself. You can also do the same thing with any dollar bills you receive, or five-dollar bills. If you use Bank of America, they've created the "Keep The Change" savings program where they automatically round up to the nearest dollar when you use your debit card. The difference is put into your savings and they match a percentage of the amount every three months. Great for those who use their debit card a lot.
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Step 4
DIRECT TRANSFER. Set up a direct transfer between your checking and savings account to deposit an amount like $10 or $20 a week into your savings. You can also make it bi-monthly (say on the week you get your paycheck) so it comes out before you've started spending your money.
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Step 5
SURPRISE SAVINGS. Put any money that you didn't expect straight into your savings. Christmas cash, unexpected refunds, rebate checks, tax returns, basically any incidental cash that you come across! You'll definitely see the savings add up by the end of the year.
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Step 6
REWARD YOURSELF. Unlike the last step, where I said to save any incidental cash, reward yourself if you've made your end of year goal. It doesn't have to be a pricey reward, but it will motivate you to do it again next year. (Even better if you're not taking the money out of your savings to buy your prize!)
Comments
fortunate said
on 9/9/2009 Like that! 5*!
FrazzledNanny said
on 4/14/2009 Great tips on saving without feeling the pinch. Very timely article. 5*
JRIngrisano said
on 2/10/2009 Excellent advice. Good article.
paul41982 said
on 2/8/2009 Great advice and tips MelMalka.
ammenon said
on 12/14/2008 i totally wanted to write this article but after reading yours-hey you did it right! i agree completely esp. with the direct transfer option. nice work!