More than one in three Americans say they're saving less now than a year ago. And 33 percent say they do not have any non-retirement savings, according to a March survey by the National Foundation for Credit Counseling. To get started with savings, here are some how-tos:
• Don't delay. Over time, even a little bit saved adds up.
• Dedicate 10 percent of each paycheck to a rainy- day fund. At year's end, you'll have socked away more than one month's income, enough to get through most short-term emergencies.
• Get a part-time job and commit your wages to savings.
• Have a so-called "money buddy," someone to help you stay accountable for your spending. Never pull money from your savings account without his/her permission.
• Track your spending – every cent – for 30 days, if possible. Without knowing where your money is going, you'll never be able to plug spending leaks and find hidden savings.
• Pretend they never happened. Put all raises, bonuses, birthday checks, etc., into your savings, rather than a checking account.
• Save for a specific goal, which can be a great motivator. When you reach it, reward yourself.
• Never buy on impulse. Go home; take at least 24 hours to evaluate whether you truly need the purchase.
• Pay with cash. People who use cash typically spend 20 percent less than those who charge with plastic.
• Put your credit cards on ice, literally. Stick them in a bowl of water in the freezer so you're not tempted to use them. (And no thawing in the microwave.)
Source: NFCC
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