Grow Your Money

Small Steps to Big Savings

Are you trying to spend less and save more? Here are some tips for saving:

  • Start saving today. It doesn't have to be a large amount - it can be $5 - just get started. Even small amounts add up over time. Look what happens if you start saving $10 a week:

Save each week

Interest

1 year

5 years

10 years

$10

5%

$532

$2,947

$6,728

$20

5%

$1064

$5,894

$13,458

$30

5%

$1,596

$8,841

$20,187

$40

5%

$2,128

$11,787

$26,915

  • Treat saving as a bill. Automatically deposit a certain amount or percentage of your paycheck into a savings account. Money never seen can't be missed!

  • Pick up your free retirement calculator from the Financial Fitness office. Discover how big your retirement account can be if you start saving today.

  • Put your tax refund immediately in your savings account instead of looking at it as extra spending money.

  • Once you finish paying off a car loan or credit card, continue making the payments to yourself.

  • If you find a way to save money on your bills, take that extra cash and save it.

  • Once you find ways to spend less on discretionary items such as clothing, snacks, and entertainment, save the money you would have spent. See the Shop Smarter section for ideas.

  • Eat out less.  If you have a meal plan, use it. Or cook your own meals.

  • Un-subscribe to cable, newspapers, magazines, internet, or anything else that you can get at a local library for FREE!

  • Empty your pockets, or your purse, at the end of the night. Put all your change into a jar. Spare change adds up faster than you think!

  • Put your money in a six-month or one-year certificate of deposit (CD) so that you can't touch it.