Are you waiting until you get a raise, a new job, or some other event to start saving? You shouldn’t. Start saving now so you can start investing in your future. Many of us aren’t aware of how much money we waste on a regular basis. Those pennies, nickels, and dimes can add up quickly.

Set a savings goal
Even if it’s just a $100 a month set a monthly savings goal. Open a savings account at your credit union or bank. Find one that has no fees, no minimum balance, and no charges for making deposits.

Start right now
The first step in a savings program is to start immediately. Look at what you’re spending on a daily basis in cash, your debit card, or credit card. Perhaps you stop every morning for a gourmet coffee. Or eat lunch out five times a week. Have pizza instead of making dinner. For one week carry a notebook with you and make a note of every penny you spend. You may be shocked and surprised at how quickly the cash adds up.

Consider what you can give up without feeling deprived.
If your morning just wouldn’t get off on the right foot without that gourmet coffee, consider buying it at a fast food store rather than at Starbucks. You’ll save up to $2.00 every day. Put that $2.00 in an envelope every day and make a deposit to your savings account at the end of the month. By the end of the year your saving account will have increased by $500 for just this one change.

Make it a goal to save 10% on utility bills
Electricity, water, heating and cooling expenses can take a good size chunk out of your budget. They also provide an opportunity for savings without a lot of sacrifice. It’s entirely possible to save at least 10% without making major changes in your lifestyle. For example turn down the thermostat on your heating unit 5 degrees below where you normally keep it at night. You’re asleep anyway so you won’t even notice the change. Time showers to be 5 minutes or less. You’ll save on water and electricity to heat the water. Electronic appliances continue to use electricity even when they’re turned off but still plugged in. Unplug the TVs when you’re through watching for the evening. If your utilities are usually $500 per month, that’s an easy $50 savings. At the end of the month compare what you usually spend and write yourself a check to your savings for the amount you’ve saved.

Don’t let Uncle Sam use your money
Many people think that somehow it’s a gift if the government owes them money when they file the taxes every year. The reality is if you normally get a refund of several thousand dollars every year, you’re letting Uncle Sam use that money interest free. Why aren’t you earning the interest instead? At a 10% a $2,000 refund would have earned over $3,000 at the end of 10 years. Take another look at your taxes and withholding so you come out even at the end of the year.

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