Arizona Republic 11/04/2013, Page D03 7 steps help develop the habit of saving money Everyone wants to save money, but sometimes it seems to take super human strength to do it. Whether you need to be saving for your kids college education or your own retirement, here are some tips to help you develop those saving muscles: » Do only free activities for 30 days. The easiest way to kick off your savings plan is to agree to spend no money at all on entertainment or eating out for 30 days. Take all the money you save to the bank. Be sure to plan lots of free activities like outings to the park, long walks and picnics, so you dont compromise quality family time. » Sign up for the 401(k) at work or increase your contribution. Many people do not participate in their company 401(k) plan and miss out on tremendous tax breaks as well as the benefit of saving for retirement. Participating in the 401(k) is a smart way to save. » Open a savings account. If you dont already have a savings account, separate from your checking account, go to the bank today and open one. Put something in the account, even if it is $5. The most important thing is to start today. » Sell something you no longer want and put the money straight into savings. Not only will you get rid of something you dont need, youll launch your savings plan at the same time. » Identify three things you do regularly that you could do for less money. Drink a cup of water with lunch instead of diet soda. See movies at the 5 p.m. matinee rather than the 7 p.m. show and eat dinner afterward rather than before. Try to find $25 per week that you can give up and deposit the savings in your bank account. » Use public transportation to get to work or run routine errands. With high gas prices, you can quickly save the cost of the fare by taking a bus or train in most metropolitan areas. » Walk or ride your bike somewhere youd normally drive. Get the benefit of some exercise, save the environment and save a few bucks. The IRS estimates that it costs more than 50 cents per mile to operate a typical car. The savings will add up quickly. Powered by TECNAVIA A Gannett Newspaper 117th Year, No.117 Copyright 2006 The Arizona Republic
Posted on: Mon, 04 Nov 2013 23:09:13 +0000