Saving Money the Painless Way

For those of us with shallow (or non-existent) savings accounts, there are some relatively simple steps we can take to put dollars away in savings.

I'm sure you have all heard about 401K plans and company matching contributions. The company match dollars are free money, so if there is any way possible to enroll in the 401K you just have to take it! This is a method of accumulating savings that's relatively painless, with our personal contributions taken out of our pay automatically. There is plenty of information readily available on 401K plans.

But there are other ways to save money also...

A few years ago, I started taking all my pocket change at the end of the day and stuffing it in a jar. When the jar filled up, I moved on to bigger containers. I don't know exactly how long I was doing that, but it was probably somewhere in the neighborhood of 4 years. My pocket change got so heavy after 4 years that I couldn't lift it any longer! Maybe I should go buy a Plasma TV this year with the money I accumulated? Nah, I'm still exercising my consumer restraint....!

Banks are even offering incentives for us to save money these days!

Bank of America has a plan called "Keep the Change". I'm reminded of it every time I go to their web site. Each time you buy something with your Bank of America VISA® Check Card, they round up the purchase to the nearest dollar amount and debit your checking account. Then, they transfer the difference from your checking account to your savings. It's an automatic way to start saving, and with little or no effort on our part. And I always save the best for last of course!! For the first three months Bank of America will match your "Keep the Change" savings at 100%. Think that's enough? Nope, they just keep on giving...!!! When the first three months are over, they continue to contribute 5% a year, every year!

Be sure to check out their web site for important details about the plan. The matching funds are credited to your savings account yearly, so you won't see the money right away. There are a few more details you need to know also, but the main thing to keep in mind is that they are GIVING YOU MONEY! Check their web site to get all the details if you are interested. If you don't have an account with Bank of America, maybe your bank has a similar plan.

And while we are on the subject of banks, you are taking advantage of online banking and bill pay right? Why pay money for envelops, stamps, and checks? You can bank online for free at most banks these days!!!

So there you have them! Four simple ideas to save you money. Maybe you have already thought of even more ways to save. You can do it! Just remember to stay away from impulse buying, exercise your consumer restraint, and avoid wasteful spending. It's amazing how easy saving money becomes when you start to see the savings account build up!

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