6 Tips for Saving Money for the Future


You probably already know that saving money for the future is smart. After all, you might find yourself dealing with a financial emergency of some kind, or you might have big plans to buy a house at some point in the future. Plus, you’ll definitely want to make sure that you have plenty of money saved for your retirement, which unfortunately, many Americans don’t have. Even though you might understand how important it is to save money for the future, however, you might be having a hard time doing so. These are a few tips that can help.

1. Keep Your Spare Change

First of all, if you still pay for things with cash, consider putting all of your spare change in a jar or other container. It might not seem like your nickels and pennies will really add up to anything, but if you put aside all of your spare change and don’t touch it for a while, you might be surprised by how much it can grow.

2. Take Advantage of Retirement Saving Options Through Your Employer

Many employees receive surprisingly good retirement perks as a part of their compensation plans but never actually take advantage of them. This is like leaving money on the table. For example, if your employer offers a retirement matching option, then you should take full advantage of it if at all possible. It can sometimes be tough to set aside money for retirement, especially when you’re young and feel like you have a long time to save up money for your retirement, but you’re sure to be glad that you started early when your golden years come up.

3. Have Your Savings Automatically Transferred

One good option is to set up your bank account so that a certain amount of money will be automatically transferred from your checking account to your savings account each time that you get paid. Then, you won’t have time to spend the money, and chances are good that you will never miss it.

4. Set Aside Windfalls and Unexpected Cash

If you’re like many people, you might occasionally receive windfalls and cash that you didn’t really count on receiving. For example, your parents might write you a check or put a little bit of cash in your birthday card, or you might get a bigger tax refund than you were expecting. Even though it might be tempting to spend this cash on something for yourself, it’s a good idea to tuck it away in your savings as if you never received it. Then, it will be there for you to use when you really need it at some point in the future.

5. Save Your Raises

If you are scheduled to get a raise from your employer, you might already be thinking of things that you’re going to spend the extra money on. If you have been having a hard time making ends meet, then you might really need this raise. If you have been getting by just fine with your current paycheck, however, there is really no reason to increase your spending just to spend up your raise. Instead, consider adding this extra amount of money from each paycheck to your savings. Then, it can accumulate interest while it’s there.

6. Pick Up a Second Job

If you’ve got a little bit of spare time and really want to rev up your savings, consider picking up a second job. There are lots of ways that you can do this. You can try picking up a traditional part-time job at a local retail store or restaurant, or you can pick up a freelancing gig on the side that is related to your current industry. You might even find that creating a small business that you can run from home or just selling old stuff that you have lying around the house can also be good ways to increase your income and start saving more money.

As you can see, there are a few different things that you can do if you would like to save money for the future. Follow these tips, and you might be surprised by how much you can accumulate for later.

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Kevin Schultz is a professional journalist with over 15 years of writing and media experience. He is a full-time contributor to the Themocracy Online News Blog and his insightful writing has been enjoyed by thousands.