Sharla D. Rountree, Certified Financial Planner

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In trying economic times, it is common to neglect your savings.  But it's important to remain focused -- regardless of the economic state of our country -- and paying ourselves is a must.

Here are seven  easy tips for growing your savings:

1. Establish emergency reserve saving account.

2.  Save for long-term goals. 

Take advantage of retirement savings programs, especially if you have employer matching.

3. Make savings automatic.

Set up drafts from your bank to your investments on a monthly basis.  This is a simple way to be disciplined about savings and easy to change (start/stop) if need.

4. Start small. 

Better to start small and get going to make it a habit rather than wait for a magical day or amount to come available.

5.  Shop for low cost and best savings account rates. 

With all the banking debacles, many institutions have added on new fees.  Be sure you are aware.

6.  Turn a payment into savings. 

Once you pay off a loan be sure that amount is added to your monthly savings.

7. Save your windfall. 

If you are receiving a big tax refund, an inheritance, or perhaps a gift or bonus from work, you don't have to spend it just because it shows up unexpectedly.  Set aside some of that money now for your future financial needs.

About the Author

Sharla D. Rountree is a Certified Financial Planner and owner of Personal Benefit Services Group, Inc. located in Lakewood, Colorado.  She is also a registered representative with Royal Alliance Associates Inc., member FINRA/SIPC.

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