Three Great Ways to Start Saving Money

It's never too late to start saving money for the future. Whether you are saving for retirement, a big purchase, or just trying to break the paycheck-to-paycheck cycle having money-saving plans and habits will make it easier and give you some peace of mind. The following are four ways you can begin your money-saving journey today:

Use an Old-School Cash Method

One way to start saving money right now is to use an old-school method. You can purchase a jar or some other type of empty container to use as the storage area for the cash you will save. Throw some cash into the jar each time you have something extra. You'll be amazed by how quickly your funds add up in that jar.

Direct Deposit Some Money

Many jobs use advanced direct deposit features so that their workers can achieve different things with their money. One feature direct deposit has is the ability for a worker to have his or her funds sent to more than one destination. That means you can have a small portion of your paycheck sent to a separate bank account that you'll use as your savings account so that you can live life comfortably in the future. You can set this feature up and then start saving money today.

Start a Thrift Savings Account or 401 K Plan

A thrift savings plan might be right for you if you are a federal employee or military service member. The TSP is the Federal Government’s version of a 401k plan. If you're not eligible for a TSP, you may be eligible for a 401 K plan through your employer. What's great about a 401k plan is that your employer might offer contributions to you. You can use the money your employer adds to your 401k plan to support yourself when you retire. You may want to look into your benefits package to see if your employer provides this option to its workers. If so, you can start small and then add more money to your 401k plan if doing so is comfortable for you.

Get a Cash Back Account

A cashback account can give you a fun and productive way to save money. Those accounts work by giving you a certain percentage back from the money you spend each month on your debit card. Some banks offer high cash-back percentages for their customers. You might be utterly amazed at how much you can get back from one of these accounts.

Try one or several of the options mentioned above if you want to start saving money. You can achieve anything you set your sights on. Don't let anyone tell you it isn't possible.