Nifty Thrifty Thursday: Saving in Tough Times

It seems like saving money in tough times would be the last thing to worry about, but it is one time that you need to do just that. Adding something to your savings account or college fund in these times is imperative to that fund being there later on.

If you don't have a savings account, open one now. Find out the minimum required by your bank or credit union for opening a savings account (anywhere from 5 to 50 dollars may be required) and find that money.

Now, the key to keeping that fund is to:

1. Not dip into it...

and 2. Add to it as much as possible.

Easier said than done, I know, but here is where you need some real discipline. Create the rules around your savings account from day one and do not stray form them. Let's break those two points down.


Have a goal in mind for your savings. If you aren't saving for something specific, you won't have a reason to keep it and it will never grow. Saving for college? Keep a brochure or other reminder of that hanging in a very visible spot. If you are trying to save a specific amount for an emergency fund, write that amount in big, bold, red letters on a piece of paper and keep it visible or handy. Taping it to the front of your wallet, check book or bank book is a great idea and is a great way to deter you from impulses.


This is where it can get tricky- especially in tough times! Never fear, though, it CAN be done!!! Begin with your paycheck. If your paycheck is directly deposited, check with your HR person and find out how to change your allocations. Have a defined amount, let's say $30 per pay for these purposes, taken out of your pay first thing and put directly into your savings. You will never see or touch that money and you won't be tempted to spend it.

Using cash all week and putting the change into a container is another way to add to your savings. Each month, roll what you can and deposit it right away. This can even be turned into a game if you and your spouse make a game of it and see who can save the most each month!

Anytime you get money as a gift, find money, win money or sell something (eBay/Craigslist/garage sale) add that amount right to your savings account.

Do you have any motivational saving tips or ways to add money to our savings accounts? We'd love to hear them!! Leave a comment!

That's all for this week's edition of Nifty Thrifty Thursday. Now get out there and save some money!


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