Step up to the Piggy Bank & Save

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Need a new washer, but there’s no money available? You can start saving now for one and in just a few months (or even weeks), you can enjoy that new purchase.  And you’ll have the peace of mind knowing that it’s clear of accompanying debt.

A handful of coins (or bills) sometimes seem worthless, but a little saved here and there, can quickly add up to what you need to replace the couch, dryer or dishwasher. There are lots of ways to save money, even if it has to done by the coin.

If nothing is left these days after paying the bills, you’re not alone.  From the young professional to those who should be enjoying the golden years, many are struggling to make ends meet.  Debt payments and bills have replaced savings plans.  Saving is a must and we have to get back into some form of saving a little every week.

When there’s a will, there’s always a way.  Sometimes it’s just the loose coin in your pocket at the end of the day. It may mean you’ll have to curtail some coffee stops, but it will all add up and be worth it.  And it may be just what you need, when you need it.

If you don’t have a future purchase in mind, it’s still smart to save what you can.  Saving to pay down debt still remains the best reasons for saving.  But rainy days tend to come often enough in way of vehicle repairs or extra medications.  It’s just smart to save for those unexpected events and have an emergency fund.

If a forced saving is more to your liking, talk to your bank.  Some banks have a ‘top up’ money saving plan where every debit card purchase you make is ‘topped up’ to the nearest dollar or more.  And that little extra comes out of your account along with the purchase, but is deposited automatically in your savings. So your savings will grow and chances are, you aren’t going to miss those little extras.

You have to set it up with the bank and most plans let you chose how much the ‘top up’ will be.  Make it reasonable or dare to walk on the wild side. Participating banks have their own catch name for this savings-type plan and it’s a good way to save.  Talk to your banker – there may be other savings options you can consider.

Whether it’s a piggy bank, sock or ‘top up’ plan, you should have some kind of savings, however small.  Emergencies come without warning, so be prepared.

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