By now, almost everyone understands the importance of building their savings. But how can you begin if you are already living paycheck to paycheck? “Take a look at how you are spending your money – there are ways you can cut back to find additional dollars that can be saved,” says Nick Goetz, Financial Center Manager with Fifth Third Bank.

Saving the recommended six- to 12-months worth of living expenses can seem overwhelming. But when you break it into smaller goals, it’s much more attainable. Just as you would make monthly payments toward a mortgage loan, make monthly or bi-monthly payments into your savings fund through direct deposit. “Get in the habit of saving what you can, even if it’s only $10 or $20 each paycheck,” says Goetz.

In addition to saving a set amount from each paycheck, cutting back can help you find additional money to save. Below, Goetz outlines a few ideas:

• Reduce your energy costs. Start by investing in a programmable thermostat. These usually cost around $50 and allow you to program your heat so your home remains a comfortable temperature while you are there, but lowers it when you are away for more than an hour or two. Also, consider lowering your home’s temperature by a degree or two. Every degree you cut saves roughly one percent off your heating bill. Additionally, consider using compact fluorescent bulbs, which use 75 percent less energy and last 10 times longer than standard bulbs. Although they cost more, you will absorb the higher cost through a lower electric bill within a few months.

• Be smarter about eating out. While it’s probably unrealistic to say you will completely stop eating out, there are still ways you can cut back. Consider doing a bit of research before eating out. Look for coupons in the newspaper or online and check to see if any of your favorite places are offering special promotions. “You can still go out and have a good time, while also saving money,” says Goetz.

• Cut your grocery bill. Along with reducing the amount you spend eating out, you can also slash your grocery bill. Because a visit to the grocery store often results in several unplanned purchases, try making only one trip per week to trim the amount you spend. It’s helpful to plan out a week’s worth of meals in advance, making a list of ingredients you need and not straying from that list. Also, consider shopping mainly on the perimeter of your store. Not only are fresh meats, produce and dairy healthier for you, they also tend to be cheaper than packaged foods. To maximize your savings, buy in-season produce and meat and dairy products that are on sale. Additional savings can be found through coupons available online or in your local newspaper.

• Travel cheaper. Gas prices have gone down significantly since their peak, but you can save even more money by combining trips and carpooling. Public transportation is another option and bus schedules can be found at the Go Metro Web site. You can also try biking or walking to work, weather permitting. Another alternative is seeing if your grocery store offers gas savings based on the amount you spend. Some stores provide this perk as a special incentive to customers based on their purchases.

• Lower your interest rates. If your credit is in good standing, you may be able to save money by calling your creditors and asking for an interest rate reduction. If your creditor won’t budge, contact your financial organization to find out if you qualify for other options, such as a balance transfer to a lower-rate credit card or a home equity loan.

Fifth Third Bank also offers a Goal Setter Savings to help you reach your savings goals. The savings account can be opened with a $50 deposit and after you’ve reached your savings goal, you will be rewarded with a cash bonus equal to the amount of interest you’ve earned over the life of the account. “At Fifth Third Bank, we offer a wide range of savings account options, specifically designed with you in mind,” says Goetz.

To learn more about building your savings, contact Fifth Third at (866) 475-4201 or visit 53.com.

All loans subject to credit review and approval.