Tips, advice, and the latest news from the savings world.
January 31, 2012
Today is your last change to enter to win $1,000 towards your savings account.
The winner will be chosen on January 31, 2012. Once you join SaveUp, look for the prize ticket called "Savings Prize." Most prize drawings and instant win games on SaveUp are odds-based, but the $1,000 savings prize will have a guaranteed winner.
Once you join America Saves, we will send you a welcome email with the link.
by Eric Bell, Editor-in-Chief, YoBucko
Saving money can be tough when you're just starting out in the real world. To help you understand how to save more money in your twenties, here are seven simple savings tips to help you save more money:
- Budget to Save
Creating a budget is one of the first steps to save money. A budget is like your roadmap to financial success. It shows you where you are today, and helps you track your spending each month. Think of a budget as your monthly spending scorecard. Once you've created your budget, look at your spending to see where you can start trimming the fat.
- Automate your Savings
Paying yourself first is tough if you have to cut a check every time you want to save a few bucks. Fortunately, there is a simple way to save that you can access if you have a bank account: direct deposit. Direct deposit allows you to automate your savings plan by sending money straight to your savings account. Talk to your employer or your bank to find out how you can set up direct deposit. Before you know it, you'll be building a nest egg and well on your way to financial independence.
- Save for Emergencies
When you are just starting out, building an emergency fund should be a top priority. Experts recommend saving 3x your monthly expenses if your single, and 6x your monthly expenses if you are married or have kids. Bad things happen, even to good people. By building an emergency fund, you'll be prepared to make it through the tough times and have a some extra money set aside for a rainy day.