ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel

How Can I Save Money?

Updated on January 30, 2014

Now that the holidays are completely over and 2014 is here, it may be time to consider ways to save more.

Budgeting and Financial Planning is different at different stages in life. Older people are often focused on planning for a comfortable retirement, while younger people often want to plan for multiple situations like immediate goals, car & vacation, children’s education, etc. No matter where you are in life, saving money will help you achieve whatever goals you've set. No matter your income level, having a plan will help you set realistic goals and figure out the best way to reach them. Before you start your savings plan, try this:

  • Prioritize your goals into three categories: Needs, Wants & Dreams. Take a piece of paper, divide it into three columns and make a list for each category. This will help you get a better overall picture of your financial situation.
  • Needs: are the nonnegotiable, inescapable basics like your monthly bills, such as rent, utilities and existing debt. This category also includes maintaining appropriate insurance, saving for your children’s education and your own retirement.
  • Wants: are goals that are important but don’t need to be taken care of by a set time—car, a home purchase or improvement
  • Dreams: are the frosting on the cake, a little further off in time: a vacation home, a boat, early retirement.

Once you've identified these three areas, you must formalize a plan. Here are some tips on saving money.

How to Save Your Money

Automatic Savings When it comes to saving, “out of sight, out of mind” is a good rule to follow. If money that’s earmarked for savings goes directly from your paycheck into an account that’s not easily accessible, it will be much harder to spend it. Use direct deposit of your paycheck and allocate an automatic savings amount into a designated account.

Automatic Bill Pay To make sure your bills are paid on time, arrange for electronic bill payments. The days of writing checks and mailing them are over. Take advantage of this speedy way to pay. Many payments are credited the next day, which can give you more time to manage your accounts if you’re a little “short”.

Make the most of your employer’s help Maximize your savings by signing up for 401K investments. It never ceases to amaze me how many younger employees waive this plan. A $25 weekly contribution in most cases will earn you a million dollars over time if you start early and stick to it. If you can’t invest the maximum amount of the company match, start at just 1% of your salary. Every time you get a raise, invest another percent. Remember, money you don’t see is usually not missed. Believe me, you’ll be glad you did.

Put “found money” into savings We talked about your salary increases earlier, but this also includes any gifts, bonuses or tax refunds you receive. Don’t treat these windfalls as an invitation to spend. Treat them as an invitation to save. A good rule is to save at least half of the windfall and use the other half for bills or a treat.

Smarter Spending. Find ways to save money by identifying ways to shop smart like using coupons. Take your lunch to work instead of buying lunch everyday. Save the savings.

Suze Orman- 3 tips to save money

Other Money Saving Tips

Paying off debt is even more important than setting aside savings because debt grows at a rate that far exceeds the rate of savings growth.

  • Get your credit cards under control. Try to pay the full balance every month. If you can't do that, focus on never missing a payment and paying more than the minimum amount. Strive to pay off the higher interest cards first.
  • If you have student loans, consider consolidating them. It will be easier to pay off.
  • Pay bills by due date to avoid late fees. Late fees add up and put you further in debt. Your credit score will be helped if you pay bills on time.
  • Be patient. Paying off debt can take a long time. Every single dollar you put toward debt is making a difference.

Financial planning, budgeting and saving money may seem daunting, but it's important to start when you're young. The sooner you start, the more time your money has to grow. Even if you can only afford to set aside a little bit at a time at first, you'll still be having a huge impact on you and your family's future.


    0 of 8192 characters used
    Post Comment

    No comments yet.


    This website uses cookies

    As a user in the EEA, your approval is needed on a few things. To provide a better website experience, uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

    For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at:

    Show Details
    HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
    LoginThis is necessary to sign in to the HubPages Service.
    Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
    AkismetThis is used to detect comment spam. (Privacy Policy)
    HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
    HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
    Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
    CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
    Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the or domains, for performance and efficiency reasons. (Privacy Policy)
    Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
    Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
    Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
    Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
    Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
    VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
    PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
    Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
    MavenThis supports the Maven widget and search functionality. (Privacy Policy)
    Google AdSenseThis is an ad network. (Privacy Policy)
    Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
    Index ExchangeThis is an ad network. (Privacy Policy)
    SovrnThis is an ad network. (Privacy Policy)
    Facebook AdsThis is an ad network. (Privacy Policy)
    Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
    AppNexusThis is an ad network. (Privacy Policy)
    OpenxThis is an ad network. (Privacy Policy)
    Rubicon ProjectThis is an ad network. (Privacy Policy)
    TripleLiftThis is an ad network. (Privacy Policy)
    Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
    Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
    Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
    Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
    ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
    Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)