Never too Late to SAVE

William Slyter

 

HAVE YOU WANTED TO START SAVING MONEY BUT aren’t sure where to start? Saving can feel daunting, but with a few strategic steps, anyone can start building their savings in no time. Here are a few simple, doable steps to start saving today.

Why Save?

First ask yourself: what do you want to save for? To have an emergency fund? To cover healthcare expenses? For leisure activities? Or simply to feel you have more control over your future?

There’s no wrong answer! Every deposit is an investment in your future. And really, you needn’t have a goal to begin saving at all, but it might help motivate you to keep it up.

Open a dedicated account

If you already have a bank or credit union, you can open an additional account there. If your bank charge fees, consider asking if they have any free options. If not, you might be better off with a bank that does.

Maintaining a separate savings account can help you resist dipping into those funds, as opposed to accumulating funds in a checking account from which withdrawals are routine. In fact, if you get checks for the savings account, you may want to stash them to be used only for specific purchases or emergencies.

Set Realistic Goals

You don’t need a ton of money to start saving. The important thing is that you start, no matter how much or how little you have! They say it takes one to four months to create a habit. So, perhaps starting by taking $5-$50 from each check received — from a job, Social Security or dividends — and put it in savings. By starting with an amount “you don’t feel,” it’s easy to continue. In time you may begin to want to send more to savings. Here are a few other ways you can.

If you receive a windfall or an increase in income, consider it “found money” and put it aside before you’re tempted to splurge.

Do you like to pay with cash? Set aside the change and deposit it on your next trip to the bank.

Is there a bill you can reduce? Put the difference in your savings. You were already spending it, so you won’t miss it.

 

Save Automatically

Technology isn’t just for youngsters. . . it’s your secret weapon!

Set up regular automatic transfers from your checking to your savings account, then kick back and watch your money grow.

See if your bank offers round-up programs. These round up to the nearest dollar purchases made by your debit card and sends the difference to your savings account.

Explore financial apps with features like budgeting, goal-setting, and automated savings transfers. These tools can help you track your progress with little time and effort.

Become a Savvy Saver

Just as a flower doesn’t grow unless a seed is planted, the present moment is your best ally in building savings. Every little bit counts and grows over time. Just imagine how much you’ll have if you turn your new savings habit into a savings hobby!

 

Professional weirdo William Slyter has worked as a writer, presenter, swordfighter, musician, artist, and entrepreneur.