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Developing a Savings Strategy

Make a Savvier Savings Strategy

Saving money is a means to getting the things you want in life — whether it be a tropical vacation, a new lust-worthy bag, or maybe even early retirement! Developing a savings plan takes the burden off of saving and turns the seemingly impossible into possibilities. Here are some tips to get you started.

  • Factor splurges into your budget to prevent any guilt from indulging.
  • Make a budget that reflects the way you actually — not ideally — spend money.
  • Create lists to help you stick to your budget when shopping.
  • Keep track of your spending for at least a week to see where you're spending your money. Then, use your spending journal to find ways to save.
  • Pay yourself first by setting aside five to 10 percent of each paycheck in your savings account.

Total Deposits at Washington Mutual are FDIC insured. Thank you to WaMu for sponsoring this post.

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JaimeLeah526 JaimeLeah526 8 years
I like the thought of paying myself first and putting money into my savings right away however, I don't always think that is possible for me.
Renees3 Renees3 8 years
haha sohpia I'm with you on that one! I can just never get ahead. I'm still recovering from Christmas and need to start saving for a trip in August! I'm prying for a decent tax return!
sophia_HL sophia_HL 8 years
What do i do about self control though?
aimeeb aimeeb 8 years
Great tips.
aimeeb aimeeb 8 years
Great tips.
emalove emalove 8 years
Thanks, Savvy, these are great tips.
bfly1133 bfly1133 8 years
I can't remember if it has been talked about it or not, but the 60% Solution is a great way to start this. It's a way to budget that prioritizes savings, allows for flexibility, and makes you put aside "fun" money. You can just goodle "60% Solution" for more information or go here: http://articles.moneycentral.msn.com/SavingandDebt/LearnToBudget/ASimplerWayToSaveThe60Solution.aspx
Veekore Veekore 8 years
I especially like the "Factor Splurges in" tip...never thought about it that way
Lovely_1 Lovely_1 8 years
Yes! Great tips!
Shopaholichunny Shopaholichunny 8 years
Good Advice Savvy!
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