10 Saving Tips

1. Save Something
Most experts suggest you save at least 10% of your weekly income each and every week. Don’t feel let down If for some reason you can not meet that goal. It’s more important to establish the habit of saving money and saving money consistently is better than putting aside a large lump sum at once. A good way to start is to pick a sum that you know you can afford easily – say $20 a week. Make yourself a promise to save that much every week and go from there.

2. Corporate 401(k) plans
Make sure you take advantage of your company’s 401(k) plan if they offer one. Contribute up to the amount that the company will match; this is the amount that your employer contributes in addition to what you allocate. The most common match is 50 cents on the dollar which will give you an immediate 50% return on your investment.

3. Keep track of your ATM withdrawals
Make a budget and stick to it! Figure out how much you will need to take out each week and make it last. Try to need less over time if possible. If there is any money left at the end of the week, put it into your savings account.

4. Pay off your credit card and student loan debts
Start by making a list of your credit card starting with the one with the highest interest rate. Destroy all of them except the two with the lowest interest rates. Start paying at least double the minimum payment on the card with the highest interest rate. When it’s paid off, move on to the card with the next highest interest rate. When you’re done take the money you were using to make your double payments and add that to your weekly savings deposits.

5. Start an automated investment plan
There are services out there where you can arrange to have as little as $50 a month deducted from your bank account and added to a mutual fund account. Find a Certified Financial Planner to help with this.

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