Saving tips

There are many ways to find a few extra dollars in your budget to save each month. The ideas below are only a beginning. Be creative with your budget in finding other ways to save toward your goals.

Needs vs. wants

By considering what you need versus what you want, you may be able to save quite a bit of money.

• Do you eat out a lot? Could you save more by eating at home?
• Can you cut back on coffee, candy, soda or cigarettes?
• Do you have services you do not really need, such as cable television or a cell phone?

Consider your priorities

·         When you spend money, consider if it reflects your priorities.

·         Would you rather buy snacks at a convenience store a few times or save your money to eat at a nicer restaurant once in a while?

·         Would you rather eat out or save money to make a down payment on a house?

What is enough?

·         Know what is enough for you and don't buy excess things.

• Outsmart marketing messages that encourage excess consumption.

Direct deposit

Direct deposit or automatic transfer allows you to have a portion of your paycheck automatically deposited into your savings account. If your savings deposit is made directly and you never see it as a part of your take-home pay, you probably won't miss it.

Be timely

By paying your bills on time you save the expenses of late fees, extra finance charges, disconnection fees for phone, electricity or other services, fees to reestablish your connection, the cost of eviction, repossession of cars and other expenses and bill collectors.

Avoid check-cashing stores

The cost of paying to cash each check or purchase each money order you need to pay your bills adds up over time. Consider opening a checking account at a local bank that allows you to avoid these charges.

Save any "extra" money

• If you get a raise or bonus from your employer, save the difference.
• If you have paid off a loan, keep making the monthly payments to yourself.
• If you receive a cash gift, save at least part of it.

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