Five Easy Ways to Save Money

Saving money is something many people have difficulty doing. A recent ACNielsen survey reports that Americans top the list for having the largest percentage of consumers without any savings. Americans are also among the leaders for personal debt; and debt without savings is not a desirable financial position. To help get savings started here are five easy ways to save and put away some extra cash. All it takes is a commitment to doing any (or all) of the following.

Spare Change Jar - This one is really easy to do. You simply do not ever spend change during the day. All change accumulated each day is put into your spare change jar (or box, bucket, even the proverbial piggy bank). For instance, you stop for a cup of coffee on the way to work, which costs $1.39. From the two dollars you hand the store clerk you get 61 cents back in change. Put it your pocket, but don't spend it later in the day. Next, you purchase a newspaper from the vendor in front of your office building. That's $1.25 so you now have another 75 cents in pocket. You make other purchases throughout the day and always you save the change. When you get home each evening you put the change you've collected into your jar (or whatever container you've chosen). Avoid the temptation to dip into the jar at any time. After only a few weeks you'll have a lot more money in there than you think. Periodically take the coin to your bank and have them count it and then deposit it in your savings account. I've used this method to fund the fuel purchases on family vacations. You can use it to buy books or CDs, a new tie or pair of shoes, to pay your cable bill, for vacation, or for whatever you need some additional cash.

Special Letter in Currency Serial Number - Although I've never done this myself, I did work many years ago for a boss who saved extra cash using this method. He selected a letter - I believe he chose "A" - and each time he received any currency he would check the serial numbers of the bills. Any note with a serial number beginning with an "A" would be saved. I remember he told me one day he got his paycheck cashed at the bank and received a $50 bill with an "A" serial number. He told the teller "Young lady, you just took $50 out of my hand." He folded the bill, putting it in a special place in his wallet. At home he added it to his zippered bank bag with all the other "A" bills. If you do this, I'd suggest you deposit regularly to your savings account rather than simply keeping them in a bag at home.

Tip the Waiter, then Tip Yourself - Here's a neat little trick. When you dine out and tip the server, tip yourself the same amount. If you give your waiter a $3 tip for good service, then put $3 into your savings (you can even stick this in your coin jar along with the spare change). The more often you dine out, and the more you tip, the more you'll add to your own savings. This may not seem like it would amount to much but could easily pay for your dry cleaning each month, or a tank of gas for the car.

Pay Yourself for Small Services - Another easy way to save some cash is to pay your self for some small services. For example, let's say you generally have your lawn mowed by a neighbor kid who charges you $15.00 per cut. You have a mower and really mind the work, but usually have the youngster mow for you just to save time. If there are occasions you do have the time, mow your lawn, but also pay yourself the $15, putting it in your savings account. If you do this for changing your own oil, planting your own flowers, washing your own car, you can pay yourself quite a lot in savings.

Start an Automatic Transfer to Savings - This method of saving is really easy because it requires action on your part only once. Set up an automatic transfer into your savings account. You can do this a couple of ways. Check with your employer to see if you can have your direct deposit split between your checking and savings account. If so, simply designate a portion of your paycheck to be directly deposited into your savings. You can also do this by setting up an automatic transfer at your bank, which you can probably do very simply using your bank's online banking services. Set up an amount to be transferred on a regular basis. Since it's automatic you won't forget to do it and every payday you'll be adding to your savings.

Use these simple and easy methods to save some extra cash. You'll be amazed at how quickly your savings will grow. Having some spare cash will give you some added peace of mind knowing that you can pay for special purchases or unforeseen expenses.