Waiting until the end of the month when you're short on cash to make a deposit in personal savings can shortchange your financial future.
Saving regularly is key to building financial security, yet the U.S. Department of Commerce has reported personal savings in 2006 at the lowest rate in 73 years, a negative 1 percent. The negative rate means people are using savings or borrowing more to spend more.
Saving regularly and working to put a lid on extra spending and manage your money successfully doesn't need to mean doing without a treat or special-occasion spending. Saving is the tool that can make possible special purchases and opportunities possible, including a newer, more dependable car or family vacation.
To ensure savings, make it automatic. Pay yourself first by making a savings deposit before you begin spending your paycheck.
Track income and spending to identify the places where the money is disappearing. Make a list of net income and weekly, biweekly or monthly expenses. Include debt load and periodic payments, such as semiannual car insurance or property tax payments.