Are you buying products or services you don’t really need? Can you save money by cutting back on eating out or buying the latest fads and fashions? Give some thought to items on which you could spend less.

Put a portion of every paycheck you receive into your savings account by using direct deposit or automatic transfer. You’ll be much less likely to spend the money that way.

Set aside money for savings at the beginning of each month, rather than waiting to see what’s left at the end. Decide on a percentage of your monthly income (for example, 5-10%) to direct deposit or transfer into your savings account.

If you receive a tax refund, deposit it directly into your savings account. If you get a raise or bonus from your employer, put the extra amount into your savings. If you receive cash as a gift, save at least part of it. If you have paid off a loan, keep making the monthly payments – to yourself, in your own savings account!

When you pay your bills on time, you avoid:

• Late fees
• Extra finance charges
• Disconnection of (and re-connection fees for) phone, electricity, or other services
• The cost of eviction
• Repossession of cars or other items
• Bill collectors

At $10 or more for each check you cash, this can add up to several hundred dollars per year. Consider opening a checking account at a bank instead.

If you work for a company that has a retirement savings plan, don’t pass up the opportunity to participate. If you’re self-employed, set up a retirement savings account of your own. See the topic Planning Your Future to learn more.