Easy ways to save money in 2014 - WFLA News Channel 8

Easy ways to save money in 2014

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How can you save money in 2014? How can you save money in 2014?
TAMPA, FL (WFLA) - When it comes to saving money, many people have a hard time getting started.

Vice President at Morgan Stanley and Financial Advisor, Steve Overton, says there's no "silver bullet" or "one size fits all" when it comes to setting money aside, but he has a few ideas.

There's a chart circulating on social media many are calling the "Money Saving Challenge." You save $1 the first week, $2 the second, $3 the third, and by the time you hit 52 weeks you have almost $1,400.

"If you're not normally a saver, this is a great gimmicky way to remember to save," Overton said. "I'm all in favor of it."

While he likes the chart, he says there are a lot of other ways to save that will give you the same result.

"Half a week's pay per month is a great place to start," Overton said. "If you're making $500 a week and you can save $250 a month that's a great way to save."

If you have one household income, Overton recommends saving for five to six months. If you have two incomes, save for three months.

Here's another method Overton recommends called the "envelope method."  Right when you get your check from your employer, go to the bank and trade it for cash.  Label envelopes with things like "food" "entertainment," and "bills."  Estimate how much you'll spend in each category, put the money in the envelopes, and don't spend more than you allotted.

"When you wake up in the morning you have some savings," Overton said. "That's a far better deal than going 'how am I going to pay this bill at the end of the month?' You choose how to live. If you save it'll change your life"

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