Did you know that this week is America Saves Week? America Saves, along with the America Savings Educational Council, created America Saves Week. It was started in 2007, and according to the America Saves blog, around 2,000 organizations participate and millions of people are encouraged to improve their finances.
In honor of America Saves week I’m sharing some of my favorite savings tips with you, but I also want to tell you about the Twitter party tonight that my friend Philip Taylor from PT Money is helping host.
America Saves Twitter Party Details
Join @AmericaSaves, Philip Taylor of @PTMoney and@SallieMae for a Twitter party tonight full of tips for saving money in honor of America Saves Week 2012. This is a great opportunity to share your financial goals and receive advice from experts and other American Savers.
We are so proud of the community of people that have joined together to make saving a priority and look forward to tweeting with everyone tonight.
Need another reason to join the party tonight? Prizes will be given out including a $500 Apple gift card.
Date: Tuesday, February 21, 2012
Time: 8-9pm EST
Hashtag: #SallieMaeSaves
Follow: @AmericaSaves, @ptmoney & @SallieMae
America Saves Week – Tips to Save More Money
Without further ado, here are some of my favorite savings tips to help you achieve your savings goals this year.
Photo © by 401K
Budget your savings - I don’t think it’s possible to achieve savings goals unless you have that monthly goal written in your budget. If you don’t have a savings goal listed above other priorities you’ll likely be unable to attain them each month as many other expenses are always likely to come up.
Save consistently every month even if it’s not much – Not everyone is able to save a lot of money each month. However, I do think just about everybody can save something. So, even if it’s as little as $20, don’t be afraid to set that money aside as it will eventually add up. It will also help you practice the discipline of saving.
Automate your savings and keep it out of your checking account – I also think it’s important to automate your savings by setting up any auto deposit of your paycheck to your savings account, or an automatic transfer each month. Doing so will help you avoid tapping your savings. Out of sight, out of mind!
Cut unnecessary spending back to get a good start – A lot of people may think they can’t save money each month, but often times it’s a matter of spending priorities. Take the time to track all your spending every month for two months using a software program like YNAB. Then take the time to review your spending habits as a percentage of your net income. You’ll quickly see where you’re spending all your money and if it’s on entertainment, clothes or other things that may not be essential each month, reduce spending to fund your savings goal.
Set a savings goal – Speaking of goals, it’s definitely important to have a savings goal to achieve and motivate you. Write your goal on a note card, tell others about it and reward yourself when you achieve it. You might even consider breaking that larger savings goal down into monthly goals. Often the larger goal can seem to large to achieve and a monthly goal seems more manageable. One step at a time!
Increase savings with increased pay – Finally, if you do receive a pay increase, make sure you increase savings contributions each month as well. It’s easy to take that extra money and spend it each month, however, make sure you’re setting aside a certain percentage to help increase funding of your goal.
Will America Saves week help you focus on saving more money this year? I hope so!
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