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Saving more of your income is a noble goal but one that many people give up on too easily. For Americans 70% have less than $1,000 in savings and 1 out of 3 have no retirement savings.<\/p>\nSaving more of your income is a noble goal but one that many people give up on too easily. For Americans 70% have less than $1,000 in savings and 1 out of 3 have no retirement savings.<\/p>\n
You don\u2019t have to be one of the negative statistics. The biggest challenge in saving money is simply developing the habit. Once you develop the habit you\u2019ll be able to adjust your savings rate up and down based on your circumstances.<\/p>\n
If you\u2019re ready to start the savings habit here are a few easy ways to consider.<\/p>\n
In January of each year a bunch of different money saving challenges<\/a> begin to pop up. But don\u2019t worry, it doesn\u2019t have to be January for you to join in. You\u2019ll get benefit out of these no matter the time of year.<\/p>\n Here are some of the most popular money challenges to consider.<\/p>\n Save All $5 Bills<\/strong>– For an easy challenge save all of the $5 bills you come in contact with. Consider putting all money into a savings account on a monthly basis so that you aren\u2019t as tempted to spend it.<\/p>\n A Penny for Each Day<\/strong>\u2013 This challenge, also known as the 365 day money challenge, has a simple premise. On day one you\u2019ll save $0.01 and will add another cent for each corresponding day. (On day 365 you\u2019ll be saving $3.65.) At the end of one year you\u2019ll have accumulated $667.95<\/p>\n The 52 Week Money Challenge<\/strong> \u2013 With this challenge you\u2019ll save one dollar for each week of the year. For instance one week one you\u2019ll save $1, on week 2 you\u2019ll save $2 and so on. At the end of one year you\u2019ll have accumulated $1,378 with this challenge.<\/p>\n Save $20 Per Pay<\/strong> \u2013 Like to keep it simple? Save $20 or more out of each of your paychecks. Have the money automatically transferred to savings each payday.<\/p>\n If retirement<\/a> is your main savings concern an easy way to save more is to up your contribution by a small amount on a regular basis. Consider upping your contributions by 5% twice a year, 1% per month or use another percentage and timeframe.<\/p>\n I personally like to go into my retirement account every few months and simply increase the contributions by $20 or add lump sums when possible.<\/p>\nUp Your Retirement Contributions by 5%<\/h2>\n
Use Digit to Save<\/h2>\n