Start saving for your future goals such as a house, college or retirement. Saving can help you reduce dependency on credit cards and other types of borrowing. Start by saving at least $500 to $1,000.
- Open a savings and a checking account, especially if you are responsible for paying regular bills.
- Budget money for savings every month. Learn more about creating a budget.
- Make it easy and save automatically. Set up a direct deposit to a special savings account designated as “savings only” and don’t connect it to your checking or debit account. Watch the money grow over time.
- Talk with a qualified expert about your retirement plans. Be sure to check with your employer; many companies will match your retirement savings. You may also be able to discuss investment options with your bank or credit union.