For our own peace of mind in today’s uncertain economic times, we feel it is important to do what we can to prepare for life’s unforeseen circumstances.  Did you realize that the Personal Savings Rate in 2009 is at it’s highest point in the decade?  Americans are putting more money into their savings for retirement and unexpected events like unemployment and other emergencies.  We have come up with 7 easy tips for growing your own savings.  Give it a try, you will be surprised what you can achieve!

During difficult economic times, it’s easy to neglect your savings.  Regardless of the state of the economy, paying yourself is always a must.  Here are the seven tips for growing your savings.

1.  Establish an emergency savings account.  In they event of an emergency, having money set aside will prevent you from dipping into your retirement or long term savings.  A general rule of thump is to set aside money equal to two or more months’ worth of living                                     expenses.

2.  Save money for your long term goals. Saving becomes easier when you have a goal to work toward.  If your employer matches a portion of your retirement contribution, you are passing up free money if you don’t take advantage.

3.  Make savings automatic. A portion of every paycheck should go directly into your savings account.  Your bank can set up an automatic payment for you.

4.  Start small if necessary.   Even if you can’t afford to put a lot toward your savings right away, starting small will still establish a savings routine.

5.  Comparison shop for the best rates.  Search for the best savings rates available.  A high yield savings account can double your interest.

6.  Turn a payment into savings.   If you have recently paid off a credit card or loan, add that amount to your monthly savings amount.

7.  Save your windfall.  If you receive an inheritance, a tax refund or a bonus at work, you do not have to spend it just because you have it.  Money set aside now will reward you later- and with interest!