What is the Best Way to Increase My Savings?

The best way to save money is to control your spending. It is the hardest thing for many people to do, but it is really the only way to get ahead. If you make $50,000 after taxes, try living on only $40,000 and put the rest into a savings account at your bank. As your money builds up, resist the temptation to spend. Look upon that savings account as a nest egg for the future, not as a pile of money to spend. Pretty soon you will be earning interest on your interest and you might enjoy watching your savings grow. Better yet, have some of the money deducted from your paycheck and directly deposited into a tax sheltered retirement plan such as an IRA or 401k.

The important thing here is to limit your spending.