Secrets of Super Savers

How do some people enjoy the good comfortable life and still find ways to save 20 to 30 percent of their incomes? Like most people, such super savers have home mortgages, pay tuition bills, and take vacations. Also, they tend to have peace of mind about their finances because they have built up a sizable cushion of savings and investments.

Some of the secrets of Super Savers include:

• Be goal-oriented about savings and investments to achieve results,
• Shop purposefully (by asking "Do I really need it?") so you can ignore impulse buys, which make up 40 percent of purchases
• Choose to postpone buying anything expensive for two months to see if the "need" is still strong. Avoid debt (installment loans for computers, vehicles, TVs, cell phones,
• electronics, and furniture) and using credit cards so you will not spend money you do not have.
• Cut back on spending on expensive items such as homes (not the largest in the neighborhood) and vehicles (drive older ones), and enjoy creative vacations that are not too pricey.
• Choose to spend wisely on everyday expenses by comparison shopping, clipping and using coupons, buying cheaper discounted goods and services, and being careful and mindful about entertainment expenses.
• Make savings automatic by diverting the maximum contribution to your employer's 401(k) retirement plan, and sign up for automatic transfers from a checking to a savings account, a 529 plan, a Roth IRA, and/or a high-yield savings accountSave more as income rises

- Tips from Dorothy B. Durband Kansas State University, Manhattan, Kansas