Saving for a brighter day: with less discretionary income, many Americans are wondering how to set aside cash for emergencies. Here are a few tips on how to squeeze the most value out of the money you make

Black Enterprise, Nov, 2004 by Candace Bahr, Ginita Wall

Using a computerized program as Quicken or Microsoft Money will make tracking your expenses much easier, because it does the math for you as you go along. A budget won't give you more money each month, but sticking to it will leave you with more at the end of each month. You and your partner should both be clear about the budget for your household. Setting guidelines together can go a long way toward helping you avoid conflicts and achieve your financial goals.

Keep Track f Your Cash

If you're careful about expenditures you pay for by check but undisciplined when it comes to spending cash, keep close track of your cash expenses. Each time you take out your wallet at a cash register, before you put your wallet away, step to the side and jot down the expenditure in a small notebook you carry with you. The habit will soon become automatic, and by taking this extra step, you'll begin to think critically about each expenditure, rather than impulsively buying things you don't really need and may not even want.

The Way to Save

Now that you know how to track and control your spending, it's time to start setting aside extra for the future. Of course, when we've told [people] this, many have said, "But I can barely live on what I make now!"

One of the easiest ways to save is to trim your paycheck. Have your employer automatically deposit a portion of your paycheck directly into a separate account without the funds ever passing through your hands. Money that is deducted from your paycheck and deposited into a credit union account, savings or stock purchase plan, or government savings bond is money you are saving for the future.

When you work overtime, don't spend the extra income frivolously. It represents your leisure time, so save it for something you enjoy, or add it to your retirement account.

10 Clever Tips For Savvy Savers

Saving money takes some ingenuity and bargain-hunting acumen. But don't confuse bargain hunting with saving money. If you buy something on sale you didn't need or budget for, no matter how good the deal, you've just spent money you didn't have.

The following strategies can help you trim costs across several categories, and keep your savings plan on track:

1 Clipping coupons.

Coupons are great for saving money, especially for groceries and other items you buy regularly. Check your local paper and the weekly circular at your supermarket for the best deals, and if your store offers a discount club card, be sure to sign up. If you save even $5 a week, that's $260 a year--which is money that can be invested toward long-term goals.

2 Stretching your clothing dollars.

It's easy to look like a million bucks without spending a fortune. Outlet malls and chain stores like Loeh-mann's, T.J. Maxx, and Filene's Basement offer designer clothing at a steep discount from retail rates. Update your outfits with accessories, rather than buying a whole new wardrobe each season.

3 Finding furniture bargains.

If you need a house full of furniture, buy your furniture by phone or Internet from North Carolina, where the major furniture manufacturers are located. Even including the cost of shipping, you can save money. Or look for used furniture at flea markets and thrift stores and have the items refinished or upholstered to make them as good as new.