A Penny Saved Is A Penny Earned: So Start Those Pennies Piling Up

Most people know they should have a nest egg, something for a rainy day

, an emergency fund, or just plain savings. But they don't. Some say they'll start with their next pay raise, or when the kids are out of the house, car paid off, or...There always seems to be an excuse. The solution is to start slowly, penny by penny. They add up faster than you think.

There is a TV commercial that shows a happy mother using her check card to buy groceries. The voice over tells us that she's actually adding to her savings account because the banking company rounds up the charge to her checking account and deposits the difference to her savings account. You can do the same thing without opening new accounts. At the end of the day take the change out of your wallet and pockets and stash it in a jar. Once a week count it up and deposit it into your savings account.

Another way is to save every five dollar bill you get. Crease it, fold it, or put it in a different part of your wallet, then once you get home, stash it in an envelope. At the end of the month you may be surprised to find yourself with an extra hundred dollars to deposit in your savings.

Finally look at one small expense you could easily give up and save the difference. If you always stop for a gourmet coffee drink on the way to work, you easily spend $20 a week. Make the coffee at home or switch to a fast food brand coffee. Actually put the savings in a desk drawer, in three weeks or so you could have an extra $50. Deposit it into your savings account.

And that's an important step: "deposit into your savings." Keeping the money in the jar or envelope is too tempting. It's easy to take $20 dollars out promising yourself you'll pay it back when you hit the ATM machine. Of course you never do.

If your work offers the services of a credit union, sign up for an automatic payroll deduction to be deposited in a separate credit union account. Don't be overly ambitious and deduct an amount that will have you tightening your belt too much. You'll just have to withdraw the money out to make ends meet and that's a bad habit to start. Start with $50 a paycheck and increase it every few months.

Saving for a nest egg doesn't have to be a major challenge if you do it penny by penny.

by: Dee Power

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