Americans are saving money at a higher rate than they have in years. A difficult economy and the prospect of more tough times ahead have putting delaying spending and setting aside some of their income in case it’s needed down the road. Most people probably wish they were saving more though. These tips could be helpful in increasing your personal savings rate.

First, saving money is much more a mental task than anything else, as the number one attribute of a good saver is discipline. Just like many people start diets and fail; it’s common to see people decide to save more money only to continue with their old spending habits. It’s human nature to seek immediate gratification, which is why so many of us struggle to reach long term goals. Saving money for tomorrow often means doing without something you might want today. So once you decide to save more money, it needs to be a factor in every financial decision you make.

Second, use technology to help with saving. Because most of us lack the discipline to show up at the bank regularly with funds set aside for a savings account, an automated savings plan can help when we lack the discipline to save on our own. A portion of your paycheck can be deposited directly to a savings account that is separate from your normal living expenses. You can also set up programs with many banks to automatically sweep any change from whole dollar amounts into a separate savings account. These automated systems are a great way to save without really having to think about it.

Next, make it hard to access your savings. Sometimes setting up a savings account is not enough to keep yourself from spending your savings, especially if you can access those funds with an ATM card. Consider putting the money into a Certificate of Deposit (CD) where you have to talk to a banker and pay a penalty in order to liquidate the funds early. You’ll usually get a better interest rate and you’ll make it harder to access and spend the money that you’re trying to save.

Finally, you should always have a goal when it comes to saving money. This goal could be a certain amount of money that you’re trying to accumulate, or it could be a goal to set aside a certain percentage of your income every month. Keep track of your progress and stay on track. If you’re working toward a goal, you’re much more likely to stick a savings plan.

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Tags: Bank, certificate of deposit, Rates, savings account

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