1. Use a change jar. Each day, at the end of the day, put the change from your pocket into the jar.
2. Donate a dollar to yourself. Each morning, before you spend your money for the day, 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 that!
If you have a large change jar, you can add it to that so you have the pleasure of seeing a lot of money add up quickly.
Another idea is to get a small wooden treasure chest and add your dollar to that each morning. Every so often, take the money to your bank and deposit it to your savings account.
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 if that amount is $10, it will add up.
4. Let the credit card company add your change. Several large credit card companies have programs similar 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. Once again, 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. It’s more fun to pay yourself than Uncle Sam!
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!
Even if you’re on a tight budget, there’s usually a spare dollar or two you can add to your savings. When you get into the savings habit, you’ll find that your money brings you greater enjoyment. Use these tips to find those spare dollars and watch your money grow!