• Start with a plan.

Set goals and decide how much can realistically be put aside on a regular basis.

• Make saving automatic.

If possible, have an employer automatically deposit a portion of a paycheck into a savings plan, or put a set amount into a savings account each payday.

• Plan for a “rainy day.”

It will take some of the sting out of those surprises when they happen.

• Have some discretionary spending.

A good savings plan should have some fun built into it.

• Save for retirement.

Take advantage of employer-matched retirement plans, plan for when you stop working.

• Save extra income.

Save a pay raise, tax refunds, gifts, and inheritances, or use them to pay off debt instead of splurging and spending it.

• Teach children the importance of saving.

Show them the wisdom of saving money and planning ahead rather than seeking immediate gratification.

(Source: K-State Research and Extension)