A recent study involving 11,400 respondents in 16 different world markets concluded if $1,000 American dollars landed in their lap, the number one priority would be to put the money in a savings account.

The good news is Americans are facing economic challenges by revising budgets, cutting spending, paying down debt, and even saving some.

The bad news is after being so good, there just isn’t a significant amount being deposited in that savings account. How do we put what we say we want – more money into our savings – into an actual working theory with results?

Find a functioning monthly amount. A good rule of thumb is to invest 10% of your take-home pay into a 401(k) or IRA and another 10% into a savings account – but this magic figure isn’t always attainable. Start off with a savings amount you know you’re good for. Once you are able to make the deposit sum for 4 months straight, up the contribution. And so on.

Treat your savings contribution like you would a bill. All bills have a due date and so should your savings because it’s just as important, and even more so with the endless rash of layoffs. Also, don’t rely on having the full savings sum at the end of the month – contribute weekly.

Put it on automatic. Sign up for online banking and have the savings amount be taken out of one bank and/or placed into a different account. The difference between a person putting this on automatic or not is the difference between a saver and a spender.

Record your progress. Spreadsheets aren’t accustomed to fudging numbers or dates. Plus, they are great for estimating exactly how many payments (or months) it will take until you reach your savings goal.

Save the money for what it is designed for. Is this your Emergency Fund? Then save until you have 4-8 months of income and only use the money for an emergency (meaning loss of job or an accident that leaves you unable to return to work right away). Many online accounts allow you to open up several additional savings accounts – label each and all of them, distributing the funds for what it is you’re saving up for.

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