Money Saving Tips

  1. Figure out what your needs and wants are. Consider the things you buy regularly. These items can add up. Where can you save?
    • Do you eat out a lot?
    • Can you cut back on daily expenses such as coffee, soda, candy or cigarettes?
    • Do you have any services you can do without such as cable television, recurring video rental, or even your cell phone?

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  2. Direct deposit and automatic transfers to savings.
    • Each time you get paid at work put a portion into saving through automatic transfer or direct deposit. You can’t miss what you don’t see.

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  3. Pay your bills on time and save the added expense of:
    • Late fees.
    • Extra finance charges.
    • Fees for disconnection and reconnection of utilities and other services.
    • The cost of eviction.
    • Repossession.
    • Bill collectors.

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  4. Open a checking account at a bank or credit union instead of using check cashing stores. You might pay $3 to $5 for each check you cash.

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  5. If you get a raise or bonus from work put the money into a savings account.

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  6. When you pay off a loan or credit card, keep making payments to yourself. You can save or invest the money for future goals.

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  7. If you receive cash as a gift, save all or part of it.

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  8. Avoid debt that does not help you build long-term financial security. Avoid using credit to buy clothes, eating out, vacations, etc. If you must go in debt use if for paying for a college education (for either you or your child), buying a home or buying a used car to get to work.

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  9. Save as much of your tax refund each year as you can.

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  10. If your employer offers a retirement plan, such as a 401(k) plan that deducts money from your paycheck, join it! Most typically match up to $.50 on each dollar you contribute. This is free money!