Much has been made of the dismal personal savings situation in the U.S. In tighter economic times, where does socking away a few bucks rank on the list of personal finance priorities? The American Bankers Association’s Education Foundation offers these suggestions for those who want to prioritize savings:
Save with a goal in mind. Your goal can be to have money for surprises (good or bad) or for something more specific you want or need in the future. Consider short and long-term as well as big and small goals.
Save with technology. Consider automatic payroll deductions or an automatic transfer from checking to savings accounts. Arrange to have a specific amount transferred to your savings account every pay period, before you have a chance to spend that hard-earned cash.
Increase savings as your pay increases. If you receive a raise or other windfalls like tax refunds, gifts or bonuses, increase the amount of money deposited into your savings account.
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