On payday, if you have any money left, save it and start over with your new paycheck. You'll be surprised how fast that little bit adds up.
If your company matches 401K contributions, participate to the fullest. It's free money and pretax you will hardly miss that money. The younger you are the more important it is for you to do this.
Don't spend more than you make.
I live and work in New York so my examples may be response may be Geographically economically biased.
The money saving tips I have been using over the past few months has been "Cooking my own Lunch" lunch can cost anything from $8-$15 / day. At nights, I cook dinner and a bit extra for the next day's lunch for me and my wife for roughly half the cost of "city-purchased lunch". This affords us a net savings of $400/month
I like Kathleen's suggestion of starting over every paycheck. I am a big fan of that. I would go a step forward and say, if you have outstanding high-interest debts, pay those off before you start / continue saving as a "penny spent is a penny lost".
Cutting back on some utility helps a lot. Sometimes there are cheaper versions at the same quality. My household switched from T-Mobile a few years ago and has been saving roughly ~$ 100/month on phone bills.
If you save in a bank account collecting .1-1% it would probably be beneficial to you to save that money in a mutual fund instead. This is ideal if you foresee yourself not needing the money for at least 6 months. I was elated when I first tried this. I put my $500/month savings into mine and by the end of 1 year I earned ~600 in interest. That's an extra $50/month toward your savings (experience may vary with this so do your research).
I hope this was insightful.
Company matching to a retirement account or health savings account is about the only way to double savings immediately.
Investing money so that it grows will double it over time.
by danicole 2 years ago
What are some ways you can double your savings? Be specific!
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