During difficult economic times, it’s easy to neglect your savings. Regardless of the state of the
economy, paying yourself is always a must. Here are seven tips for growing your savings.
1. Establish an emergency savings account.
In the event of an emergency, having money set aside will prevent you from dipping into your
retirement or long-term savings. A general rule of thumb is to set aside money equal to two or
more months’ worth of living expenses.
2. Save money for your long-term goals.
Saving becomes easier when you have a goal to work toward. If your employer matches a portion
of your retirement contribution, you are passing up free money if you don’t take advantage.
3. Make savings automatic.
A portion of every paycheck should go directly into your savings account. Your bank can set up an
automatic transfer for you.
4. Start small if necessary.
Even if you can’t afford to put a lot toward your savings right away, starting small will still establish
a savings routine.
5. Comparison shop for the best rates.
Search for the best savings rates available. A high yield savings account can double your interest.
6. Turn a payment into savings.
If you’ve recently paid off a credit card or loan, add that payment amount to your monthly
7. Save your windfall.
If you just received an inheritance, a tax refund or a bonus at work, you don’t have to spend it just
because you have it. Money set aside now will reward you later––and with interest!
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