Savings Tips
These are savings tips collected from adult learners across California at workshops we have given:
Make it automatic
- Use direct deposit
- Keep a separate savings account and make it hard to dip into
- Pay yourself first; put 10% of every paycheck into savings
- When you pay something off, keep setting aside that amount and put it into your savings
- Use your company’s 401(k) plan
- Make extra payments on your house; you’ll end up paying less interest and pay off the loan faster
- Save up your change every day (and get extra change)
Get your credit in control
- Pay more than the minimum payment on your bills
- Pay on time to avoid late fees and higher rates
- Don’t use store credit cards; shop around for best rates
- Just have one card
- Cut up your extra credit cards
Be a Smart Shopper
- Stick to your list; shop alone
- Use grocery outlets; change where you buy food
- Buy in bulk
- Use coupons
- Don’t get sold on stuff you don’t need
- Pay your bills before you go shopping
Spend Less
- Take your lunch to work
- Healthy snacks are cheaper (like pre-cut fruits and veggies)
- Eat at home more; less fast food
- Shop at goodwill and garage sales
- Use the bus instead of the car
- Give up cable
Get help from your friends
- Get a savings support group (people who encourage and help you)
- Write down your goals
- Get someone to encourage you
- Do something besides shopping to have fun together
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