by Jean M. La Rue

Created on: September 04, 2007

According to a report last January by the Pew Research Center*, a whopping 77% of Americans say they are always looking for ways to save money, 63% say they don't save enough, and 36% say they often or sometimes spend more than they can afford. Wouldn't you rather count yourself among the elite 32% of Americans who say they save enough? Use these 7 unique tips for saving money to help you along.

Tip #1 SET A SAVINGS GOAL. How much money would you LIKE to save each payday or each month? Don't worry about the how-to at this point. That comes later. For now, just come up with the number that fits your definition of "saving enough." Financial experts all the way back to biblical times have recommended saving 10%. If a number doesn't readily spring to mind, start there. Let's use this as an example: Net monthly income $3,000 x 10% = $300 savings per month.

Tip #2 BREAK IT DOWN. A $300 monthly savings goal will seem less daunting and more attainable if you break the total down into a small daily savings goal. Example: $300 / 30 days = $10 per day. That doesn't seem nearly so tough, does it? If you can honestly say that you do not, on the average day, spend $10 on something that you really could get by fine without, then go back to Tip #1 and re-evaluate.

Tip #3 PAY IT FORWARD. When you deposit your paycheck to the checking account, make it a habit to deposit something into your savings account at the same time. Make it a standard amount, no matter how small. Every dollar deposited on payday is one less dollar you will need to save each day the rest of the month.

Tip #4 LET YOUR BOSS DO IT. Does your company offer a payroll savings plan? Sign up for it! You'll be surprised to find that you don't miss that $25 or $50 that you never had in your hot little hand. Most companies these days offer a 401K retirement savings plan and even offer a small matching contribution. This is FREE MONEY. Go get it! You probably won't notice much difference in your take home pay, either. Since it's a pre-tax contribution, you'll pay less Federal Withholding tax. For many folks, it ends up a "wash," with the money going to the investment instead of to Uncle Sam.

Tip #5 LET YOUR BANK DO IT. Perhaps your bank offers a "keep the change" savings plan where they round up your checks to the nearest whole dollar and then put the difference into savings for you. If not, do it on your own. Enter your checks on the register as whole dollars. When you balance your checking account, transfer the extra

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