The vast majority of us find ourselves spending too much or not saving enough. Saving money can be daunting, as we can be our own worst enemies when it comes to successfully putting away money for the future. Fortunately, there is no loss of options when it comes to winning the savings game. Here are 4 good saving habits:

Make Savings Automatic

When it comes to saving habits, be consistent. Your savings account should be fed on a monthly basis. Fortunately, many banks and credit unions offer automated transfers that will do the heavy lifting for you.

Keep Spare Change

True Fact: a piggy bank can hold around twenty dollars in change. Really though, all your change can add up and pay off in nice ways. Nights out, small investments, and many other splurges are available for pennies on the dollar. By keeping your spare change, you are opening up many opportunities for yourself. Do yourself a favor and save for that rainy day.

Pick the Right Tools

When it comes to financial options, one size definitely does not fit all. Different tools are available depending on your individual goals and needs. For short-term goals, check out a high-yield savings account which has a higher interest rate than a regular savings account. A certificate of deposit and a bank money market savings account also offer variable interest rates to satisfy your savings goal. For long-term goals, consider an FDIC-insured IRA or stocks and mutual funds. Do your research and invest in the ones that fits your risk limits and personal goals.

Have a Plan

What does the future hold for you? Do you see yourself vacationing in Hawaii? Putting a down payment on a house? The possibilities are endless, but they warrant a real plan. After you envision the end, lay out small savings goals and ways to reach them. With a solid plan, saving money becomes a lot less intimidating and far more rewarding.

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