Q: I know I'm supposed to save 10 percent of each paycheck, but I find this impossible to achieve with my expenses as a working mom. I can't save for next week, much less for the kids' college. What can I do?

A: It is not easy to save when you are a working mom, but it can be done! Start by having your bank automatically transfer 10 percent of each paycheck into your savings account. If you don't see the money so easily, you're less likely to miss it -- or to spend it. Of course you can always access that money if you need to.

The next step is to look over your budget and cut back where you can. The idea is to shave off enough money to cover the ten percent that you "lost" to your savings account. There are various small things you can do to save money that add up to big savings. For example, try eating at home more instead of going out, and buy washable fabrics instead of those that need dry-cleaning. For savings on transportation, find the cheapest gas pump in your neighborhood. Also, call your insurance company to find out if there are rewards for which you qualify, such as "non-smoker" or "safe-driver" insurance. Seek out a less expensive long distance phone carrier. Start cutting your children's hair and color your own. Give yourself pedicures, and make cards and presents instead of always going out and buying them.

The bottom line is, saving money is a matter of discipline. Think of it as being on a diet. Dipping into your savings account is like stealing an extra slice of cake. Try to make yourself accountable to a close friend or family member: Have them ask you weekly if you took money out from your savings.

Ellie Kay is a national speaker, financial expert, and the best-selling author of eight books, including her most recent release, The Debt Diet [0]. She is the mother of five and makes her home in Palmdale, CA.

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