by Raven Lebeau

Created on: April 23, 2009   Last Updated: January 28, 2010

For most households, it's difficult enough to make ends meet. Factor in all of the things we don't need but love to spend money on, and saving can seem almost impossible! While finding a budget that works for your family will never be a trivial task, there are some strategies that can make saving money easier. Here are a few simple ways to save more:

1. Make saving automatic.

Arrange with your bank to have a portion of your paycheck automatically invested into a high interest savings account each pay period. When you make saving automatic, you won't be as tempted to spend every penny. Also note that your money begins accruing interest as soon as it's deposited, which means that investing sooner, rather than later, is a good idea.

2. Cut back on recurring costs.

Maybe you can lower your cable bill by switching companies or cutting back to basic. If you have both a cell phone and a land line, consider canceling one of the two. When you lower your recurring bills, a one-time decision can have a far-reaching effect on your savings.

3. Develop frugal habits.

When you have to think about saving all the time, money worries take over your life and saving starts to seem like a chore. That's why constantly thinking about ways to save is not a good strategy! Instead, make some simple "rules" and get in the habit of following them. For example, you may decide that you aren't going to order any more soft drinks at restaurants, or that you won't turn your thermostat below 75 in the summer. Sticking with these rules becomes a habit, and eventually you will find yourself saving money without even thinking about it.

4. Prioritize.

Saving is painful when it involves giving up the things you truly love. Instead on trying to live like a monetary monk and eschew all worldly pleasures, decide what things are really important to you and include them in your budget. For example, having a new wardrobe every season is not important to my happiness, so I spend virtually nothing on clothing. On the other hand, having a quality computer and Internet access is something I value, and so I include it in my budget. By giving up the things you won't miss, you can have money available for your true passions.

5. Look into an employer-sponsored IRA.

Employers will often match contributions to an IRA, which makes it easy to save more money than you would if investing in an ordinary savings account. IRA contributions are also tax deferred; not having to pay taxes on the money you invest in your IRA means more savings and more interest.

6.  Shop for the best rate on a savings account or CD.

The website Bankrate.com can help you find the highest possible return on CD's, mutual funds, and savings accounts.  Choosing your financial products wisely can help you save more without having to make additional cuts in your household budget. 

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