Five Steps to Start Saving Money

by
Adam Rust

The research says that you should do these things:

Set goals - the more specific, the better. Don't say "I want to save $1,500. Say to yourself, I want to have enough for a downpayment on my next car," or "I will save $25 each month to set aside for car maintenance."

Give yourself credit for your work: Find ways to make yourself feel good about your status as a saver.

Make it hard to spend your savings: it's a great idea to open a savings account.

Avoid spending money on the wrong things: it's not just "don't get a fancy latte. Let's start by eliminating bank fees.

Make progress: It's important to keep moving in the right direction. Hold yourself accountable to save money every pay period. Even if you only save $1, you've prevented yourself from raiding your savings and taking a step backwards.

Accounts with high-yield savings options
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