Can't Afford to Save Money Right Now?

Actually, you can't afford not to save. OK, so maybe things are a little tight today. But try to look beyond today. It's not going to get any easier to set aside a portion of your paycheck tomorrow. In fact, the longer you wait, the more you'll have to save out of every paycheck. Remember, given enough time, even a seemingly insignificant amount can grow into serious money.

So, if you're feeling strapped, your challenge is to look for hidden cash by making small changes in your lifestyle. If you wait, you'll start limiting your choices.

Here are a few suggestions to get you started on your treasure hunt:

• Eat out one less time a month.
• Brown-bag your lunch a few days each week.
• Keep your car a little longer.
• Shop for lower health, life, and auto insurance premiums and consider raising your deductibles.
• Retire your credit cards.
• Use generic prescription and over-the-counter drugs.
• Clip store coupons and shop the sales.
• Cancel magazines you don't read and premium cable channels you don't watch.
• Buy fewer lottery tickets.

If you could free up just $100 a month, invest it in a retirement savings plan, and get a 6% return, in 10 years you'd have over $16,000. Or how about squeezing another $50 per month from your budget and investing it at a 7% return for 20 years? That would net you almost $78,000.