Five Easy Ways to Save Money - Build These Habits

Americans are at negative savings rates. What does this even mean? Quite simply, Americans spend more money each year than they save. This brings up some very important questions: Do you even know how to save money? Do you even know how to incorporate saving money into your daily life? You may never have been taught how to save. Or possibly, you may not have discovered the small daily changes you need to make in order to get into the practice of saving money.

1. Pay Yourself First Every pay-period, make savings automatic. Before you take money out for bills and expenses, pay yourself first. Most financial experts recommend that you put anywhere from 10% to 20% towards savings and retirement accounts.
2. Pay Yourself Last Always pay yourself first, but try to pay yourself last, too. Just because there is money in your account at the end of the pay period, you shouldn't consider it "extra" money. Just because it's there doesn't mean you have to spend it. If there is any money "at the end of the month," then reward yourself and put that money in a special savings account you create for a specific goal.
3. Round Up Many people across the Internet suggest that every time they write a check, when they record the check in their checkbook, they round up. So a check for $10.40 is recorded at $11.00 in the register. Apparently this works for some by not only providing a buffer in their checking account, but they take the money they "save" and dump it into their savings account at the end of the month.
4. Save Your Raise This is a basic rule, but so often overlooked. When you get a raise, you should figure think about using that raise to pay down your debt or funnel that raise to your savings and retirement accounts.
5. Put Away A Dollar A Day People make a habit out of putting away a dollar or two away everyday and then using this as their "Christmas fund." You'd be surprised at how easily it is to find a dollar burning a hole in your pocket. Just make sure you don't raid the piggy bank for dinners and movies out. Be focused with this practice.

If you are debt free, then create a way to make saving your money a priority in your life. As Dave Ramsey often says, "Live like no one else will, so you can live like no one else can." All it takes are a few slight tweaks to your financial behavior and you'll be looking at a healthier financial future.

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