Do You Save

Are you s aver? Don’t feel bad. Many Americans today don't have a savings account. I have been a saver for years but it takes practice and discipline. Your savings account is your safety net if case you get sick or lose your job you can use your savings to hold you for a few months until you can find a new job.

You should have enough in your savings account to pay your bills and monthly expenses for at least 9 to 12 months. Money should be readily accessible and stored in a checking or savings account, preferably a high interest savings account such as Emigrant Direct or ING or a money market account where you can make money while saving money.

You can start by contributing small amounts to until you are able to contribute more even if it is just $5 a week. Once you are able to contribute more do so. Make several short-term goals.

Once you have reached your first goal start developing some long-term goals such as planning for retirement or paying for your children’s college education. A great site to learn about retirement planning is the Morningstar.com investing tutoring.

A savings account will ensure that you are on the road to becoming financially secure and will prevent you from going into debt when an unexpected expense arises. You may not know what the future holds but if you prepare your finances now, it will ease the burden of what tomorrow holds. Here are 17 tips to save money.

1. Pack your lunch for work every day. Buy drinks from the grocery store and skip the Starbucks.
2. Reduce spending by 30-50%.
3. Use direct deposit to send your paycheck directly to your bank.
4. If you get a raise, save most of the money received from the raise or use a portion of it to pay down debt.
5. Buy what you can on sale, use coupons or shop at a wholesale store such as Sam’s Club or Costco.
6. Buy whole foods, such as vegetables, grains, beans and fruits, instead of processed foods.
7. Check your local health food store or farmer’s market to buy grains, seeds, nuts, spices and legumes, in bulk.
8. Carpool or use public transportation.
9. Cancel your cable service or cell phone service or get the cheapest plan possible.
10. Use your cell phone to make long distance calls.
11. Shop around with various banks to find a checking account with no monthly fees.
12. Downgrade or downsize, buy a cheaper car or move into a smaller home.
13. Buy energy efficient appliances, ceiling fans, programmable thermostats, fluorescent light bulbs and lamps, or hot water insulator jackets.
14. Donate items not being used to a charity and write off on your taxes.
15. Rent movies instead of going to the movie theater.
16. Turn the lights out when you are not in a room for 20 minutes or more.
17. Turn the heat and/or air conditioner off when you are not at home or set at a low energy saving temperature.