Ramsey County

Making $ense of Dollars and Cents

May 5, 2008

Finding Space for Savings

          As the costs for groceries and gas move upwards, more and more individuals find their paycheck does not reach as far as it used to.  How can an overextended paycheck include room for savings? Try some of the following suggestions to add dollars to your savings account.

          How can you better manage your money to increase savings?

          - Carry only the amount of money you plan to spend. Carrying large amounts of cash only encourages spending.

          - Take advantage of community services such as school concerts and public tennis courts that do not require a membership fee. 

           Read magazines and books, and borrow compact discs and videos from the library. Cancel memberships that have lost their usefulness or subscriptions for reading materials that remain unread.

          - Take advantage of free educational information that is available to you. The NDSU Extension Service, in cooperation with other land grant universities provides research-based, informational programs, publications and information online through the eXtension website at http://www.extension.org.   

          - Think and act consistently with savings.  Plan to save some money – no matter how much – each and every month. You might keep track of your spending to see how much you currently save each month and then plan how much you are going to save on a regular basis.

          - Use automatic deductions to your advantage. If possible, have your employer automatically deduct money from your paycheck and deposit it into a savings account.  Many of us don’t miss what we don't see.  Try putting pocket change into a large envelope or jar. At the end of the month deposit it into a savings account.

          - Save unexpected dollars. Put refunds, raises or bonuses into savings. The current, much anticipated federal tax refund is a great place to start.

          - Change paying previous debts to paying yourself.   After paying off a loan or credit card, put that same amount each month into savings.

          - Limit yourself to one ATM withdrawal per week, and make your cash last.

          - Each time you resist the temptation of an indulgent purchase, put the money you would have spent into a savings jar or piggybank. It's an immediate reward for self-discipline.

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524 4th Ave NE #5, 2nd Floor Ramsey County Courthouse
Devils Lake  ND  58301
701-662-7027
email - ramsey@ndsuext.nodak.edu