3 ways to really save money

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Have you struggled to save? No matter how hard you try, it simply seems you can’t save anything. While saving is really the art of mind over matter, these helpful hints can help you reach savings goals.

Fast from spending

Now, let’s be real for a moment — it is amazing how we can spend, spend, spend, but when it is time to save (which is actually spending on ourselves), we neglect to do so.

If you are more of a spender than a saver, a spending fast may work. A spending fast is simply a period where you decide to spend only on necessities. You give up your morning lattes, fast-food visits and other wants to concentrate on building savings.

Save it and forget it

The best way to save is to commit to an automatic savings plan. This is a great way to boost savings, especially if you lack discipline. Consider having money deducted from your bank account each pay period and moved to a savings account. Saving a mere $50 per month can easily add up to $600 per year.

Also, take advantage of your company’s 401(k) plan options. A 401(k) is designed to easily help you save. Not only are 401(k) tools great to boost your retirement savings, but they can reduce your tax bill as well.

Reduce your debt

Do you have credit card debt? Are you paying finance charges? Such charges eat away at your income and savings. Getting your debt under control is essential to saving money.

Take time to list your creditors, from the highest interest rate to the lowest. Use your resources to pay off the highest-interest liabilities first. This can help you eliminate unnecessary finance charges and give you peace of mind.

Remember: your choice, your future!

Kemberley Washington is a certified public accountant and business professor. She writes a personal finance blog at Kemberley.com. Follow her on Twitter and on Facebook.