Looking for ways to begin a savings account? There are several opportunities you may have right now that you can take advantage of. First of all, did you get a raise this year? If so, congratulations! The economy is slowly on the upswing, and many are seeing an increase in their paychecks. Before you make plans to spend it, however, consider how you can make it work harder for you. For example, you can divide the extra amount in two. Then you can pay half on existing debt and save the other half. No matter how small it may be, both of those plans will result in more cash in your pocket at the end of the day.
You are probably gathering information to get your tax return prepared. One of the things I hear frequently is that people like to get a big refund. They feel like they have "saved" some money. However, what they don't realize is that they have actually loaned Uncle Sam the money all year. If you are in that situation, consider lowering the amount that is withheld from your taxes each pay period. Take the extra income and either pay down debt or place it in a savings account that actually pays you interest, albeit a small amount. That is better than being paid nothing.
If you are still paying on the wonderful Christmas gifts you bought for everyone last year, consider setting up a budget now to cover those costs. This will allow you to determine ahead of time how much you will spend on each person. Be sure to include funds for parties, wrapping paper, etc. Then, divide that amount by 12 and set it aside each month. This time next year, you shouldn't have any left-over Christmas debt. You don't have to wait until Christmas to spend it, either. Many times, there are sales throughout the year that allow you to purchase something at a lower price than what you may find at the end of the year. This will also relieve stress, and help to curb the temptation to overspend due to the "rush" the holiday brings.
Finally, remember that God has provided everything you own. It really belongs to Him. You are just the Trustee. Keeping that thought at the forefront of your mind should help you make wiser purchasing decisions. Enjoy the extra wealth!