More For Your Money - University of Illinois Extension

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Easy Ways To Save

Start to save now while you have time for your money to grow.

  • Begin by saving small amounts in a savings account. One way to start is to pay yourself. Think of savings as a bill that needs to be paid.
  • Save lump sums of money such as tax refunds, bonus payments, and gifts as well as small weekly or monthly amounts, even loose change.
  • Keep envelopes addressed to your bank together with your monthly bills. Send money to your savings account when you pay your monthly bills. In this way, you pay yourself first.

Here are some other saving tips that people have found useful.

Pay yourself.  Think of savings as a bill to be paid. 
           
Work Together. Saving for a goal is easier if all family members -- children and adults -- can agree and work together.

Use Payroll Deductions. Have your employer deposit your savings directly from your paycheck into a savings account.

Pay Installments to Yourself. Once you pay off an installment loan like a car loan (and if other loans aren't overdue), make "payments" to your savings account.

Have a "Nothing Week." Occasionally have a week when you don’t spend any extra money -- don't go to the movies, don't go out to eat, don't go bowling. Save the money you would have spent.

Collect Loose Change. Once a week empty your pockets and wallet and put the change in a jar.

Participate in an Employer-Sponsored Retirement Plan.  Some employers will match the amount you put into the savings plan. 

Save in a Tax-Deferred Retirement PlanSelf-employed people (and others) can save in tax-deferred plans like IRAs (Individual Retirement Accounts).

Add Your Tips to the List