What are some strategies to save money?
Put away a certain percentage every month, treat this as a bill that MUST be paid. When you get a raise, say 5%, increase what you put away by 3%…making the raise merely 2%. Also, its best to save money in a high yield savings account at first then check with a financial advisor as to whats next.
I do what Karl suggested. I live in Canada, but I know they have something similar in the States. Some employers have savings plans which they deduct off every pay-cheque and they place it in a high interest savings account which is serviced by a bank, financial institution or sometimes the government through the savings bond program. Definitely helps since you don’t see the money in the first place.
Another option I’ve heard some people do is if you keep transaction record for your chequing account, they round up to the next $ or $2, and so you are debiting the cheque account more than what is actually taken out, and over a year time, they take the extra amount that is actually in the account and transfer it into a savings account.