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Some Tips for Saving

Nancy Trejos

I know it’s hard to think about saving your small change when you are trying to pay off debt, as many of you out there probably are.

But when you can, you should set aside any extra money you have, if anything so you are prepared for an unfortunate event such as a layoff.

I came across some good savings tips from Women & Co., a financial resource program offered by Citi. Obviously, the program focuses on women, but I think many men can benefit from these tips. Here they are:

Examine the current state of your finances. You can’t save for the future unless you know how your finances are in the present.

Set goals. Decide what your short-term (i.e. a home improvement project) and long-term (i.e. retirement) goals are.

Make a so-called savings sacrifice. Track your expenses for a month, study them, and decide what sacrifices you can make. Perhaps you don’t have to get your nails done every week?

Save money monthly. Automatically have a portion of your paycheck, even if it’s a small one, set aside in a separate account.

Establish an emergency fund. Have at least 3 to 6 months worth of living expenses set aside.

Invest in your future. If you have a choice between saving for your retirement and paying for your child’s college education, go with your retirement. There are other ways, such as scholarships and grants, to finance a college education.

Good luck!

By Nancy Trejos  |  July 31, 2009; 10:01 AM ET
Categories:  Nancy Trejos  
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