The Secret To Saving


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When it comes to saving money, it often seems as if some can and some can't. What secret do the "can's" know that the rest of the world just can't figure out?

Saving money is a basic part of managing your finances. It is necessary for financial success. It is necessary for many of the things you want to do.

Most people assume that in order to save, you need to have "extra" cash. Let me tell you, there is no thing as extra cash. That's like having extra cake. It is a misconception.

The key is having a spending plan and a saving plan. The spending plan is your budget. It helps you find the money you need for savings. It isn't extra money, it is simply money reassigned. When you set spending goals, you find that it becomes easier to save regularly.

Here is where the secret comes in.

You have to set a few short-term and long-term financial goals. Give yourself a time frame and dollar amount for each goal. The secret to saving money is to save it for something. You have to know what you are working towards. Write it all down and review it regularly.

Set up a separate savings account for your savings. If you are anything like my family, if you keep your savings in your checking, you will spend it. It is just too tempting and too easy to get to. Have your savings in a separate account.

Make yourself a budget that tracks your spending each month. No matter how much money you make, you need a budget. It is easy and simple. And it isn't a way to limit your spending, so don't think of it as a diet. It is simply a way to see where your money is going and how much you have.

Decide on how much of your monthly income you can put towards savings. Many people do this by a percentage. I say simply see how much you have left that you can put back. No matter if it is just $50 a month, start putting something into your savings. Even $50 a month becomes $600 for the year, without counting the interest.

The simplest, and most painless, way to put your money in savings is to have your employer deduct a set amount from your paycheck and deposit into your savings account automatically. If your employer doesn't offer this service, have your bank automatically withdraw the amount to your savings the day you are paid each month.

Out of sight and out of mind truly works.

When you find unexpected money in your life, such as a tax refund or bonus, you should put the majority of it into your savings account. This allows your savings to grow without any real sacrifice on your part.

It really isn't a secret. It's just that so many people don't know how to go about saving money. The secret is to get started today. Work on it for two months. Then it might just start to be a habit.

Martin Lukac represents , an Internet consumer banking marketplace. is a destination site of personal finance, banking, investing, taxes, debt management and mortgage rates. provides mortgage guides and financial rates and information. also operates a financial portal #1 American Financial, found at and San Diego loan portal


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