April 16, 2003
The Florida Times-Union

CALL BOX: Savings tips to help you 'build wealth'

You can build wealth. And non-profit, corporate and government groups are offering advice in a campaign called America Saves.

"Through information, advice, and encouragement, we assist those who wish to pay down debt, build an emergency fund, save for a home, save for an education, or save for retirement," the coalition says. "The goal of the campaign is to convince all Americans that they can build wealth and to assist them in doing so."

Here are some saving tips. For more information, see their Web site, www.americasaves.org. There also is a site designed for African-Americans at www.BET.com. Enter "Black America Saves" in the search engine.

If you usually receive a tax refund, reduce the amount withheld from your paycheck and put that money in a retirement plan. Those contributions may be tax-deferred, which will lower your taxable income.

Turn your hobby into a money-saver. If you like to garden, plant your favorite vegetables and save money at the grocery store.

Take your own soft drinks and snacks to work to avoid paying premium prices from a vending machine or convenience stores.

Keep a column in your checkbook for credit card charges. Subtract them from your balance the same way you would if writing a check. That way you know that you have money to pay the charges when the bill arrives.

Make sure you use a list when shopping for groceries, so you don't buy on impulse.

When using automatic payroll deposit for a savings account, start with a small amount and increase the amount gradually. This way you can adjust to spending less and build savings.

Do you have more saving tips? Let us know and we'll use the best ones in a future Call Box column.