Make Saving a Priority During the Holidays

By: Ellen Frick, Outreach Coordinator, NHS of Baltimore

These days most people are feeling the pinch of the ongoing economic crisis. Debt from buying a home, going to school, or major credit card purchases are quite commonplace in America. In fact, our “debt economy” actually encourages people to borrow money and live in debt.

But all this debt can be even more intimidating when savings accounts dwindle, which is what is happening among the majority of Americans. A recent study documented on National Public Radio(NPR) found a large percentage of Americans are unable to come up with extra funds in case of emergencies, even if they were to ask relatives for help. In the challenging economic climate that we are living in today, saving money can be one of the most difficult but also one of the most important things we can do.

It is frustrating to think about putting away money into a savings account when many of us are just struggling to get by. Yet, problems such as car troubles or an unexpected sickness can cause serious financial issues, especially with no extra money to fall back on. Start out small and try to save a few dollars each week. Maybe sacrifice eating out or buying a coffee. Try walking to the store or work instead of driving.

The Baltimore Sun’s Consuming Interests blog is a good resource that gives the lowdown financial deals. A recent post noted hidden ways (http://weblogs.baltimoresun.com/business/consuminginterests/blog/2009/11/top_10_hidden_deals_10spot.html) to save money in Baltimore. For more information on ways to save here are 100 tips to saving. Check out The Simple Dollar for even more tips on how to stretch your budget and save money.

While saving money strategies can really be beneficial, don’t buy something just because it is on sale. Get the deals you need but don’t make purchaces that you really don’t need simply because you can get a deal. And be careful on Black Friday! Make a budget, include money for savings, and stick to it.