Savings Strategies

Use these tips to help budget for the future in a tough economy.

Saving money for a rainy day or for larger purchases like a home down payment can be tricky. These tips can help you save smart.

1. Have money automatically transferred into a savings plan when your paycheck arrives. That way, you will be less likely to spend it since it is out-of-sight, out-of-mind—it will be less tempting to spend if you can’t access cash or your checking account.
2. Determine what you spend your money on. Write down all your expenses for a week to see where your money is going. Then, cut down on impulse spending, likes trips to your local coffee shop.
3. Pay yourself. When you are done paying off debts, like car or student loans, put the amount of the payment aside for yourself in a savings account. Since you are used to not spending that amount every month, it will be easy to save it.
4. Use cash more. Use cash or your debit card for everyday expenses, and your credit card for larger purchases only. This will help you live within your means.
5. Pay your bills as soon as they come. This will avoid any late fees and help you stay on top of your budget. If you can’t pay the entire balance on your credit card bill, pay more than the minimum due whenever possible.