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Living a Better Life Finding Money for Savings
Setting
money aside for savings on a weekly or monthly basis can sometimes be difficult,
especially for low income families or those living on a limited budget, but it's
definitely a financial habit we should all strive to do very well at. Some
families may simplify this task by setting up direct deposits through their bank
or employer, while others look for more creative ways to build their savings.
More...
These creative
methods of saving are also helpful, not only because they result in money being
saved, but because they also allow people to see and feel for themselves that
the money is really available—and therefore, can safely be tucked away into a
savings account for a rainy day. There are endless
ways to find extra money for savings but here are just a few of my favorites… Include Savings in Your Budget Somewhere after listing the mortgage and the electric bill be sure to include SAVINGS in your monthly budget! Often just having a plan for it is all it takes to see that savings account grow. The Jar Method Probably one of
the most traditional (or as some would say, old fashioned) ways of setting money
aside for savings is the method of saving one’s change or small bills in a jar
for safe keeping. This may not be
very creative, but it certainly works. However,
it would also be a good idea at the end of each month to deposit whatever
savings are in the jar to a (safer) savings account at the bank.
I know I’ll at least sleep a lot better if you do! Money Saved, Can be Money SAVED Over the years we
have discussed thousands of money saving tips here at BetterBudgeting.com and
just about every one of those ideas could be turned into a deposit for your
savings account. Whenever I’m
able to resist buying something that I can live without or save money on
something that I decide to buy anyways, I just have to smile because I’ve
saved another dollar (or ten, or a hundred, or whatever…) and those dollars
add up. It’s great to feel good about the money you’re saving
every day on (insert whatever you spend or don’t spend your dollars on), but
setting that money aside for your savings account at the end of each week is even better! Bonuses, Gifts and Tax Refunds Instead of
spending the extra cash received via bonuses, gifts, tax refunds or other
unexpected checks, put at least half of the money in your savings account.
Do this every time you receive extra money and eventually you may have
quite a nice nest egg, or at least an emergency fund that will be there when you
really need it. Write Yourself a Check If all else fails
and an entire month goes by without any new deposits for your savings account…
just write yourself a check and put that baby in the bank.
If you don’t, one month could turn into two, and two months could turn
into six, and before you know it, an entire year could go by without any money
being set aside for savings. *
* *
If you'd like to
share one of your favorite ways of setting money aside for savings with our
readers please contact us at editor@betterbudgeting.com,
we'd love to hear from you! * * *
Copyright © 2006 by Michelle Jones, author of Frugal Family Recipes, Dealing with Debt, Grocery Saving Tips and the Basic Budgeting Class. All rights reserved. Want more money-saving tips? Get a FREE Subscription to our monthly newsletter!
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