Debt and savings. If you have debt saving money can be all but impossible. On the flip side, if you have savings you are in a much better position to avoid debt. Trying to save money while paying off debt is challenging to say the least, however it is important to begin thinking of a savings strategy so you can stop the cycle of debt and experience financial independence. People who have a hard time managing money might find it difficult to get started in the right direction. Here we offer tips that can help anyone begin to grow their savings.

• Change your mind- The most important step in saving money is adopting a mentality that is geared toward saving. If you think you can’t save you won’t. Regardless of your current financial situation in all but the most extreme cases there are always ways to save. Remind yourself why you are saving and what the future holds if you are without a cushion of cash.

• Give yourself an allowance- Going from one extreme to the next is hard therefore you will find more success in saving money if you allocate a small percentage of money for your “play money”. This cash is yours to do as you please and when it is gone, it is gone. It is unrealistic to think you will spend every dollar on bills, living expenses and savings without occasionally slipping. By giving yourself an allowance you avoid getting frustrated with the process which could result in blowing all of your money.

• Round up- With more and more people using debit cards for day-to-day purchases the proverbial change jar sees fewer donations at the end of the day. You can still save your change however by rounding up your purchases to the next dollar amount. If you spend $26.07 at the grocery store, deduct $27 from your register. If you do this for every purchase you will be surprised how much “extra” money is in your account at the end of the month. This money can serve as added protection in the event of an overdraft or be transferred into a savings account.

• Make it a bill- Most people get paid and in turn round up the bills that are coming due. After paying the bills you have X amount of cash left over for other expenses. After paying those expenses whatever money is remaining is often spend without much thought. Make your savings contribution a bill and include it in the round up making sure it is paid before that money is absorbed elsewhere in your budget.

• Take baby steps- Anyone working with a limited budget should understand that it will take time and commitment to build a well padded savings account. There are savings calculators and expert advice suggesting how much each person should be saving, however this is not a one size fits all situation. If you can’t afford what you “should” be saving, then save what you can afford. The key is making regular contributions, regardless of the dollar amount. If you continue to manage your money well, you will eventually be able to increase your contributions.

Saving money should be as automatic as paying your bills. If you no longer think of it as an option, then you are more likely to commit to the process. Once you begin to see your savings grow, you will find you are more motivated to keep it going.