Now that you’ve set some ‘smart’ goals for saving money, let’s talk more about some ways you can save. The two most obvious ways to save are to increase your income if you can and to cut your expenses where you can. Easier said than done right? Maybe, but it’s not impossible!


While it may not be easy to increase your income as quick as you’d like, we encourage you to at least explore your options. Cutting costs though is a different story! You’re in complete control of this area of your finances. All it takes is determination and discipline, both of which are free.


First things first; put an end to all your needless spending. All of us have been guilty of wasteful spending at some time or another. Ever stopped at a store just to “look around” and ended up spending money on stuff you didn’t plan on buying or probably don’t even need? What about that latte you stop and get every morning on your way to work? Or the five, ten sometimes twenty dollars you spend on junk food or impulsive buys at the grocery store? While it may not seem like much, saving small amounts will add up over time.


Here are a few other things you can do to jump start your savings plan:


Establish a savings account.
Savings accounts may not earn much and may seem worthless to have, but it’s a good place to start putting away some money each payday. Once your balance increases, you can then consider investing the money in something that will earn you more money. For now, just get in the habit of saving.


Stash your change.
Everyday, stash the coins you receive after making a purchase in a piggy bank or a jar. When it’s full, dump the coins, roll them in coin wrappers and deposit the money into your savings. You’d be amazed how the money adds up! Immediately start stashing your change again!


Take the rebate.
Sometimes certain items you buy may offer a rebate. They may or may not amount to much and may seem like a waste of time, but remember its money you’ve already spent so what will it hurt to get some of it back. Just take the rebate and add the money to your savings.


We’ll stop here for now and give you some time to get your savings in order. A key point to remember is that saving money regularly leads to successful savings! When we come back Your Money & You will bring you a few more tidbits about saving money. See you next time!