Don’t Know How to Start Saving Money? Then, Read This Article!

Written By Gary Spirer Published March 26th, 2010

Did you ever feel you just weren’t able to save money; and didn’t know where to start? We’ll show you some small steps you can take to start saving some money right away. Taking these small steps should show you a difference within a month. Ultimately, it can lead you to bigger savings in the future. See below for instructions.

Step 1.
*Get yourself a Twitter Account and Tweet Your Way to Savings and Discounts!*

Twitter is free both to the consumer and seller. Thus, sellers can pass down bigger discount/savings to the buyer. There are several businesses that tweet their specials hourly/daily/weekly/etc. Amazon.com is known to tweet hourly specials. Check out coupontweet.com and cheaptweet.com for a list of money saving tweets and coupons. Twitter can also help you network with other “savers” who can tip you on great saving methods.

Step 2.
*Use Computer Software or Web Calculators to Help Identify Ways to Save*

Computer Software such as Quicken can help you list down your financial information; and facilitate some ideas to save. However, you can also find free web calculators that can help you gather the same information as well. These include: wesabe.com and mint.com.

Step 3.
*Reduce your Credit Card Debt*

Basically, pay off your credit card debt so that you will get to save all the money you are paying on your high interest rates. According to a recent ABC news report (early in 2010), some credit card companies started charging 50% interest rates. Please check out our article, “Save Money! Reduce Your Credit Card Debt” for detailed steps on how you can reduce your credit card debt.

Step 4.
*Study the Different Student Loan Payments Available and/or Consolidate*

If you are paying several student loans, consolidate with one lender and get a lower interest rate and monthly minimum. Also, study the various methods of student loan payment; and choose the method that will work best for you. You may qualify for graduated payment schedules, extended payment period, or an income-contingent plan.

Step 5.
*Earn More Banking Interest with Online Banks!*

Move some of your savings and/or checking accounts to online banks. Online banks tend to offer a higher interest rate than your local brick-and-wall bank. They usually offer between 1% to 2% interest rates for savings accounts; and 0.25% to 1.24% for checking accounts. However, make sure the online bank is a reputable bank that is FDIC insured. Some of these reputable banks include ING Direct and Everbank.

Step 6.
*Avoid Using ATMs that Charge You a Fee*

If you frequently withdraw money from ATMs that are not a part of your Bank’s network, then you are losing money. These fees can accumulate to a couple hundred dollars in a year. Look for ATMs that are part of a surcharge-free network such as Allpoint or Money Pass.

Step 7.
*Automate Part of Your Salary to go into a Sub-Account*

If you have direct deposit of your weekly/biweekly/monthly salary, automate part of it to go into a “Sub-Savings Account.” After bills/payments, most people attempt to save the “left-over” money at the end of the month. However, the money is usually left in the same checking account; and we usually don’t see our savings account grow. Automating a “Sub-Savings Account,” will help you see your savings grow each month; and may also prevent you from easily touching it (as compared to leaving the money in your checking account.)

Overall, these are just a few steps that you can take to start saving money NOW! For more details on saving money via credit cards, etc. please check out more of our Money-Saving Articles. As stated before, if you religiously follow the steps above, you should see some savings within a month. So, what are you waiting for? Let’s start saving some money and watch that savings account grow!

1 Comment

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