My fiancé and I recently purchased a home , as well as a used vehicle when my car died. In other words…we are close to starting from scratch with our savings. We have not been this low in our emergency or other savings accounts in years, and so I thought this would be a great time to talk about how to go from $0 to meeting your savings goals.
The first step, of course, is just to start.
Start Saving Today, Not Tomorrow
Perhaps you think you should set a goal first, or should wait until next month, or fill in the blank. But I am here to tell you that today is the time to start your savings, not tomorrow. How many times have you put off starting something until tomorrow, only to find yourself never having started it at all?
I can give you a great example of how this backfired on me. I wanted to purchase US Steel Stock when it was at $17.00 per share earlier this year. Because I didn’t know how to trade for individual stock at that point (I only had experience with a mutual fund and IRAs), I waited. And waited…and when I finally took action and bought the stock, it was at $39 per share. That was an opportunity loss of $1,000.
Today is a powerful time because you are in the position to make a change, to take action, and to do it now. It doesn’t matter what this money is going to be earmarked for; life costs money, so you might as well start saving now. You can start with $10 this week, $100 this month, whatever. Just start.
Opening up a savings account that has an easy interface and automatic withdrawals is the best way to take this step today. ING Direct  offers both of these.
Set a Goal
Now that you have an account and have begun to put money into it, sit down and think about what your financial goals are. Do not limit yourself during this session; I know I have a tendency to put down on paper what I think I can accomplish. By writing down what I want to accomplish, it opens up possibilities. You will be amazed at what can happen with an open mind.
Here are some ideas to get you thinking: designate your savings for an emergency fund, a honeymoon  or trip, a downpayment on a house, a car, your child’s college fund, etc.
Boost Your Motivation
By starting out strong, you will increase your motivation to continue, thus saving even more money in the end. Do this by signing up for an account with a bank bonus (check out Free Money  for current bonuses). It doesn’t matter if you opened up an account just to get you started, because you can easily transfer that money to this new account. For example, I started our honeymoon account with Bank of America, and transferred it to Chase for a $150 bank bonus. What a way to increase my can-do attitude!
Find Some More Money
Using this savings calculator , determine how long, at your current rate of automatic withdrawals, it will take you to reach your goal. Does this seem too long for you to wait? Then you need to find money elsewhere to increase your savings.
Evaluate How You are Doing
Try out your system for six months or so, and then revisit and see how much money you have accumulated. Perhaps after six months you have gotten a pay raise, or your goal needs tweaking, or you can move your savings over to another account with a sign-up bonus. By evaluating how you are doing, you may be able to accelerate your savings and reach your goal faster.
Remember that for every dollar you pay for something with money from your savings account instead of by credit card or loan, you are saving yourself interest. On top of that, you have earned interest on that money before it is spent. Saving your money and paying for your future with cash is truly the way to get ahead. And I don’t know about you, but I would rather be ahead than behind.