Cheddar for the later

Our topic this morning is all about saving up, "What's the best way to save money". We got a lot of advices and tips from our listeners which includes the battle of NEEDS vs. WANTS. You should only buy the things you need -- that's what they said. Overspending on things that you might not actually need will lead you to bankruptcy. Well, i searched the net and i got some tips on How To Save Money. So, here ye go!

• Establish a Time frame! If you want to be able to purchase a house in the next 3 years, set a date for that goal. Make sure that the alloted time is adequate for what you are saving for. If it’s not attainable, you’ll just get discouraged.

• How much?? Figure out how much you’ll have to save per week, per month, or per paycheck to reach your savings goals. Take each thing you want to save for and figure out how much you need to start saving now.

• Keep a record of your expenses! Take a look at your expenses. Write down everything that you spend your money on for one month. Be as detailed as possible, and try not to leave out small purchases. Assign each purchase or expenditure a category such as: Rent, Car insurance, Car payments, Phone Bill, Cable Bill, Utilities, Gas, Food, Entertainment, etc. This will give you an idea of where you can cut back and be able to throw it into the savings account.

• Credit Cards...Stop using them! This is the hardest thing to stop. Try to pay for everything with cash. Don't even use checks, its easier to lose track using checks, especially if keeping good records is not your forte! With cash, you can see when you are running low and keep your mind set on the savings!

• Open an interest-bearing savings account. Keep track of your savings by keeping it separate from your checking account! Usually, the interest is better in a savings account (if you get interest on your checking account at all).

• Get Paid First! Your savings should be your priority, so don’t just say that you’ll save whatever is left over at the end of the month. Deposit your savings into an account as soon as you get paid. Out of sight, out of mind!

• Know where your money is. If you accidentally overdraw your bank account, you will incur some ugly bank fees, and/or the place you paid with that check may also hit you with a bounced check fee on top of that, and send the check in again, resulting in a second overdraft fee from the bank! Always know how much money you have in your account!

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