Wednesday, September 21, 2011

Saving to Succeed

Brought to you by Accel Members Financial Counseling – through financial knowledge and expertise we enable people to enjoy a better quality of life.

Whether you are looking for immediate financial security or plan to build a retirement nest egg, anytime is an excellent time to focus on savings.

Here are 10 ways you can get started building your emergency fund.
  1. Find money to save. Devote any windfalls to savings, including raises, bonuses, birthday checks and tax rebate checks issued by the government. 
  2. "Walk the Talk." Commit to putting 10 percent of your take-home pay into an interest-bearing account each month and forget it's there. 
  3. Treat it like a bill. Give yourself a due date and a minimum payment and include this critical payment to yourself in your monthly budget. 
  4. Pretend it was never yours. Set up an automatic deposit to your emergency fund from your weekly paycheck.  If you don't see it, you won't spend it! 
  5. Pay yourself for dinner. Skip lunch or dinner out and save what you would have spent instead. 
  6. Leave yourself a tip. Every time you tip a server, pay yourself the same amount.  It may seem small, but it adds up quickly! 
  7. Get cash back. Round up to the nearest ten when you cash out at a grocery, pharmacy or retail register and slip the small amount into your savings jar when you get home. 
  8. Keep paying it off. If you recently paid off a big loan, like a student or auto loan, keep paying it, but to yourself.  You've lived without it this long; you won't even miss it. 
  9. Invest in CDs. You'll earn higher interest and keep your emergency savings just beyond reach, in case you are tempted.  
  10. Start today. It doesn't have to be a large sum, as long as it's something. Small amounts really do add up fast.

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