Saving Tips

We all know how important it is to save money for the future. Nobody wants to be stone-broke during emergencies such as sudden illnesses, hospitalization and other emergencies that require cash. It is also a bummer when you can’t go to those impromptu vacations organized by friends because you don’t have money to spend. I know saving is easier said than done. But with a bit of focus and discipline, you can save for your future and sleep soundly at night. So get rid of those extravagant spending habits and follow the tips below.

Set your saving goals. Whether it is saving for your children’s college funds, for a grand vacation or retirement, put your money in a savings account or a money market mutual fund.

Pay your self first. Take out your savings first and spend the remaining balance. This will help improve your saving habits.

Use a direct deposit savings. It will be easier to save if you have no control over the funds and it is directly deposited in your account.

Shop wisely. Cut down on the impulse shopping. Before spending on unnecessary items, ask your self, "Do I really need this item or do I just want it?"

When you do have to purchase something, try to use cash instead of credit cards, so that you can avoid the finance charges on your daily balance. You can use the extra cash to add to your savings.

Eat at home. Lessen the habit of eating out. If you can help it, eat out less and use what you have in your kitchen to make creative dishes. You should see a significant difference, in your savings.

Try to be consistent with your saving habits. As my friend Shawn Umsted always says: “It doesn't matter how much or how little it is, just remember to save something.”