This is an excellent time for salary earners to re-assess their financial situation and plan their own recovery, and there is no better place to start than with personal savings.

While the past decade has seen salary earners spend freely with cash and credit, the next decade should see personal savings increase considerably. For this to happen, old habits must go, and new ones form. The habit of saving from every pay check works best if started early in life, but it’s never too late.

Save 10% of your gross income for financial stability

Saving 10% of your gross (i.e. your income before any deductions including taxes) is like the age-old practice of tithing. The only difference is that you’re paying yourself instead of a religious or charitable organisation. It works best if you never see the money to start with, so try this:

• Open a separate bank account, preferably not linked to a plastic card. This makes it harder to access for impulse buying.
• If your workplace allows, arrange a payroll deduction of 10% of gross directly into this account. If not, arrange this transfer yourself and keep it separate from other bank accounts.

This will force you to do two things:

• You now have less disposable income, so you must re-assess spending habits using another age-old tool – a budget.
• You will choose more carefully what you buy and how much you pay for it.

Along with the new habit of “tithing” yourself, both of these are good habits to have, and if used well, the balance in the special savings account will steadily increase.

As this balance grows, you could use part of it for a deposit for a major asset like a vehicle or home, or for investment purposes. Resist the urge to withdraw everything at once, or to buy consumables such as electronics, clothing etc. These should be funded through your budget.

This account enables sustainable wealth creation, and provides accessible “safety net” funds for unexpected emergencies. In the process, you will aid economic recovery by reducing credit and increasing the savings level of the entire banking system.

How a Savings Plan Can Help Global Recovery was created by and is property of American Consumer News.

Between the rising cost of animal health-care, including vaccinations and emergency services, there is little room for much else when you consider the immediate needs of your family. Here are a few tips for cutting back on the pet luxuries in order to stay on track with your budget.

Budget

Speaking of budgets, if you consider your pet a member of the family, there is no reason why they can’t be included in the family budget. Consider the issues of health treatments, preventative care and medicines, grooming supplies, food, treats, and toys. Regular shopping trip should have already enlightened you as to the cost of your regular purchases. Look at the figures on paper and you might be surprised at just how much you spend on Fido.

Don’t Get Caught Up in Cutsie

The pet market is expanding rapidly. Due to the increased exposure of celebrities and their pets with clothes, strollers, and diamonds, there is a larger market than ever for merchandise solely for pets of every kind. Unless you live in sub-zero temperatures during the year, your dog probably doesn’t need a cashmere sweater to be styling. Avoid the kitschy stuff out there for your pets and don’t fall for the impulsive buys that can cost you more than can afford. Stick to the basics – food, water, shelter, and lots of love.

Save for Your Pet

Just like your pet should be included in your budget, there is no reason why they can not be a part of your savings plan. Many of us would do anything to save or improve the lives of our pets so take consideration of medical emergencies when devising your savings plan. In the event of a life or death situation, you won’t be forced to finance surgery or treatment on credit. Instead, you’ll have cash that can make the decision to save your pet’s life a no-brainer.

Bathe Your Pet on Your Own

Pet grooming is convenient and a lot less messy for an owner. However, it is a luxury that is not necessary. Keeping your pet groomed with regular brushings should limit the number of more intense grooming practices. Purchase a good quality pet shampoo and get your pet used to being bathed at home. It’s a good bonding experience for both pet and owner. If you aren’t comfortable about clipping nails or shaving fur, research local clinics that will help teach you some safety tips.

Shop In Bulk

If there are certain things your pet can’t live without – think litter, dry food, non-perishable treats – shop at wholesale outlets and buy in bulk to get the best savings, provided you have the storage area to put it in.

Stop Splurging On Your Pet and Save Big Bucks was created by and is property of American Consumer News.

1. Decide Where You Are Going and How Much You Will Spend

Consider how much it will cost to buy gas, airline tickets, hotel rooms, food, additional tickets or entrance fees for parks or other activities, and even the souvenirs. Write down all of the figures and add them together. If you think the total amount of expenses is way too much, start cutting down some of the expenses and changing the itinerary until it becomes something you can live with and still be fun.

2. Cut Costs at Home to Save For the Trip

Think about all of the extras you spend money on that could be cut out of daily life. Put away the money you could save on reducing your cable services, canceling unused memberships, and being more frugal at the grocery store. Not only will get some extra cash for a trip, you can also learn to live without the extras and keep stashing the savings for next year.

3. Save the Fun for Later

Keep thinking about how much fun your family will have on the trip as you cut back on normal family entertainment, such as going to movies, out to eat, and other things that cost money. Plan instead for free family fun, like hiking, visiting parks, or renting movies at home.

4. Sell Your Junk

With a perfect excuse to make spring cleaning a family affair, have everyone collect the things they don’t need, use, or want and orchestrate a yard sale to earn extra cash for the trip. Let the kids keep any money they earn on their stuff as an incentive to gather more things. Not only do you get to enjoy the extra cash, you also get your house cleaned and ready for the summer.

5. Designate Your Tax Refund

Plan to use all of the money from any tax returns you may be getting. Open a special savings account just for your vacation fund that no one can touch, or use a service such as SmartyPig to help you save.

6. Set Goals – Make Them Visible

Create an easy-to-follow chart for the wall that shows money goal milestones. Family member may be more inclined to work harder for goals they can see and kids may get a little competitive about who can save more money.

7. Cash in On Credit Card and Other Reward Programs

Check out the requirements of any credit card bonus programs you have or advantage discounts you get through organizations like AAA or even where you work. Frequent flier miles, travel discounts, and cash back opportunities can be incorporated into your savings plan.

Keep notes about your savings adventure along the way and get a head start on next year’s trip as you begin to understand how easy it can be to save up. Starting early for next year will you many extra months of saving opportunities, allowing you and your family to plan an even better trip next year.

7 Ways to Save for a Great Last-Minute Vacation was created by and is property of American Consumer News.