1. Pay yourself first. If you set aside money right when you’re paid, you won’t be tempted to spend it. One of the best ways to do this is to set up direct deposit with your employer, which allows your paycheck to be automatically deposited into your checking account. Once in your checking account, you can set up automatic transfers to have a portion of your deposited funds transferred into a savings account.
2. Negotiate your bills. You can save on a large portion of your cable, phone or Internet bill if you pit a provider against a competitor. Check to see when your contracts expire and then let your provider know that you have other options. They are likely to lower your rates if you threaten to leave.
3. Get educated. Many financial institutions provide free seminars and workshops to help you learn the best ways to manage your money. In fact, Bank of American Fork offers a free Smart Seminars series on topics ranging from personal finance and wealth management to banking regulations and avoiding fees. Take advantage of these free resources from the experts.
4. Be accountable. Find a trusted friend or family member with whom you can share your financial goals. Check in with them on a regular basis. You’ll be surprised to find out how much better you do with your new plans if you have someone following up on your progress.
There are many other ways to start and stick to a saving plan. What works for you?