Learning to Save Money Is Easier Than You May Think

Learning to save money can be a challenge at first, but the more you do it the easier it gets. It will take a bit of determination and willingness to give up some things. After a few months, you will be used to saving and it will be second nature to you. It's just getting to that point that is hard.

There are many tips that you can use when you are learning to save money. Some are easier than others to put into action but, you can do it if you put your mind to it. Let's get started!

• Paychecks

Some companies offer direct deposit to employees. This comes in very handy when you are learning to save money. If you have the ability to do direct deposit and have multiple accounts listed, set up a savings account and have a portion taken out of each check and deposited. Start out small at first like $10 or $20 a check. Once you are used to that and you can increase it, go for it. It's like the old saying; you won't spend it if you don't see it.

• Cashing your checks

If you go to the bank and cash your check, immediately deposit that money into your savings account. That way you won't spend it while you try to get back to the bank to make the deposit.

• Envelopes

When you are learning to save money, using the envelope system will be helpful. Create envelopes for each bill you have. Include gas money, groceries, utilities, credit cards, etc. If you have the ability to pay with cash, do that as soon as the bill comes in. If you have to have the money in the account, put it in and pay the bill right away. The less money you have in your checking account, the less likely you are to spend it. When you have the cash in the envelopes, you know what it's for and you won't spend it.

• Savings account

Here is a good tip for built in "checks and balances" when you are learning to save money. When you set up a savings account, it's a good idea to have it require two signatures to withdraw money. The reason for this is it's so easy to withdraw the money yourself. When your spouse or someone else has to go with you, they can help you overcome the need to withdraw it and spend it on something that is not necessary.

• Invest

Sometimes even a savings account with two signatures is not good enough when you are trying to save money. One way that you won't be able to easily go to the bank and withdraw the money is to invest it. There are a number of ways to invest your money that are not too risky. There are IRA's, savings bonds, and CD's that you can use. You should contact an investment adviser for details and options.

Learning to save money is a good way to ensure that you will have money when you need it. When you save money you will have it for a special trip, college for the kids or to purchase a new home or car. Once you learn how to do it, you can teach your kids and possibly other family members how easy it is and how important learning to save money really is.

Article Source: http://www.wahm-articles.com

Darlyn Burkle of www.I-Choose-Us.com, offers resources to show women how to survive a depression and thrive through the financial crisis. The 52-week Money Saving Toolkit helps women save and earn extra money. It covers practical money saving tips for saving on food, utilities, mortgage, gasoline, entertainment, college education, travel, gift-giving, and more.

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