7 Saving Habits To Start Now

Increasing your savings account doesn’t have to be painful. Even if you’re on a tight budget there is usually a spare dollar or two you can add to your savings. If you work on getting yourself into a savings habit, then you can enjoy watching your money grow. Here are a few tips we use:

1. Donate a dollar to yourself
Every morning take a dollar out of your wallet and add it to your money stash. You won’t notice the difference in your pocket, but you will see your savings grow faster. If you can spare two dollars, do it! Use a large change jar, empty milk carton, or some other designated container. It’s not so important where you collect the money just as long as you collect it. Periodically remove the money and deposit it in your savings account.

2. Save your change
At the end of each day put the change from your pocket into the jar. These amounts will add up surprisingly fast as long as you do this consistently.

3. Set up automatic deposits
Your bank can set up automatic deposits to your savings account each week. The trick is to find an amount that you won’t miss from your paycheck and have it deposited on your paydays. Even a small amount like $5 or $10, will add up over time.

4. Let the credit card company add your change
Several large credit card companies have a rewards program. Some programs work similarly to the change jar. They round each purchase up to the nearest dollar and put the change in your savings. Some companies even match a percentage of your savings from this method, so it’s free money to your savings!

5. Put your savings in an account that pays a higher interest rate
Check with your bank for their rates on mutual fund or money market accounts. As your savings grow CDs pay better interest than regular savings accounts and they give you an incentive to leave it and let it grow.

6. Start a tax-deferred retirement account
Check with your employer about putting automatic deposits into a 401(K) plan. Make the amount small enough so that it doesn’t affect your lifestyle. Your employer might even match a percentage of your deposits! If they don’t have a retirement fund program, then talk with your bank or an investment advisor about starting an IRA.

7. Buy at a discount and save the difference
For items that you were going to buy anyway see if you can find them on sale and then put the difference in your savings. Make the effort to use some coupons at the grocery store and then save your savings from your coupon items. As you see your savings grow from this method, “couponing” becomes more fun!

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  1. Michelle says:

    Automatic deposits is something that we definitely need to start doing in our household. Great list!

  2. Money Beagle says:

    We don’t use much cash these days, so the ‘keeping change’ option has largely been eliminated, but back in the day I used to always throw my loose change into a jar, then roll up coins every few months. I used the money toward the engagement ring I gave to my now-wife, and I had almost $1,000 by the time it was all said and done, which helped a lot toward the final cost. So, it adds up!

  3. krantcents says:

    I have done all those things except for the credit card company rounding my charge. I really loved saving change in a jar and still have one although I do not add very often. I no longer use cash. The automatic payroll deduction and investing works very well for me.

  4. Link Roundup: 5 Things I Would Tell My Younger Self About Money | Credit Karma Blog says:

    […] 7 Saving Habits To Start Now “Increasing your savings account doesn’t have to be painful. Even if you’re on a tight budget there is usually a spare dollar or two you can add to your savings. If you work on getting yourself into a savings habit, then you can enjoy watching your money grow. Here are a few tips we use:” Not Made of Money […]

  5. Jules@Fat Guy,Skinny Wallet says:

    I am going to be implementing more of these. Thanks for sharing!

  6. Kirby @ TheSimpleMoneyBlog says:

    I think the best way to plan for savings is to have it automatically come from your paycheck or account – like you mentioned above. When we do that, it forces us to live and spend as if the money wasn’t in our regular account in the first place! Win-win scenario. Also, I like your ‘save your change’ reference. Another great example of how to set aside some extra money that we often overlook. It’s the small things that often add up to large sums over time.

  7. Timothy Mobley says:

    Most people don’t use cash these days (not a great thing in my opinion). The rest of your suggestions are excellent! It really takes consistence and it doesn’t have to be painful.

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    […] Made of Money has some great tips on how to save by doing simple things. <— Great […]

  9. KC @ genxfinance says:

    Great ideas. Decide to save now and don’t procrastinate.. Automatic deposits are a good idea. These are just awesome ways to get things started.

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