If you haven’t started saving money yet, a simple way to start is called the 52-week money challenge, and was shared in an article on Money Saving Queen.
Each week, the dollar amount of the week number is saved. For example, the first week you save a dollar. On week 27 you save $27, until you reach week 52. It can be saved in reverse starting with week 52 if that works better for your finances.
By the end of the year, it amounts to $1,378. This is one example of many simple ways money can be saved. Whatever method is used, Bank Tracker offers five suggestions to help consumers start saving.
“Saving money should be a priority for every consumer, especially as the threat of the nation’s economy and high unemployment rates are still fresh in everyone’s minds,” Debbie Dragon said in her Bank Tracker article. “It is important to refocus your money moves now so you will be building a better financial future for yourself and your whole family.”
It’s easier to save if goals, plans and strategies are written down and preferably placed where you can see it.
Compare bank offers
Use a bank that offers a better savings rate with a free checking account. This helps cut down on banking expenses.
Pay yourself first
Bank Tracker suggests depositing at least 10 percent of the income into the savings account before anything else. When your finances are in order, a higher percent should be contributed. Automating the deposits helps, so you touch the money as little as possible.
Cut regular expenses
Track your daily spending to know how much you spend. This makes it easier to see what costs can be cut. To help in cutting costs, clip coupons, don’t eat out and don’t go into stores unless you need something specific. It reduces impulse buying that way.
Although you might enjoy them, cut services in the home that aren’t necessary. This can include cable, Internet and high-end cellphone services.