Budgets are tight. There never seems to be enough "extra" to set aside for an emergency, let alone a purchase that isn't needed right now. You may understand the importance of saving for big ticket items like new appliances, home repairs or even a new car, but how do you squeeze out a few extra bucks each payday to set aside? Here are a few tips for finding money right now to save!
Pay Yourself First
Most financial experts agree that the best way to save more money is to pay yourself first - even if it is only $5 or $10 a week. One way to ensure that the amount you designate for savings makes it to that account is to have it automatically withdrawn from your paycheck. Many employers offer savings plans that allow employees to deduct a predetermined amount from their paycheck (like they do with you taxes and insurances), and have it put into a separate savings account. For many people, never having that money in their hands ensures that it does not get spent on other necessities. If your employer does not offer this service, you can have the amount automatically deducted by your bank and placed into a savings account there.
Designate Windfalls to Savings
Expecting a small raise or bonus this year? Getting a tax refund? Did you win $5.00 from the lottery? These are all windfalls of extra cash that can be used to build some savings. Whenever you find yourself the recipient of unexpected cash, take it straight to the bank and deposit it into your savings.
Look for Overcharges
Can't seem to find any extra money to save? Try some of these ideas:
Saving for big-ticket items doesn’t have to mean giving up on all spending. But it does require taking a careful look at your current expenses and finding ways to trim your costs for more money into savings. Once you find extra money, saving it is easy.