SOUTH BEND — From disappearing 401Ks to frozen credit, we're all feeling the effects of a bad economy. But if you think your budget is too tight to save, financial experts say you should think again.

It all comes down to figuring out where you can cut back and being disciplined enough to do it.

"We don't have much of an income right now," explained Charles Strauss. "We're graduate students."

"I'm unemployed right now," said Ruben Banuelos.

The silver lining in all this, say some experts — you can still plan for the future.

"Everybody can save. It's just a matter of having the proper discipline," said 1st Source Consumer Banking expert Jim Seitz.

He says the most important step to saving money is to pay yourself first.

"Talk to your employer about having $5 or $10 automatically put into a savings account, deducted right from your paycheck."

Also, contribute the maximum amount to your 401K account at work.
Seitz said there aren't too many ways you can double your money automatically than having a company match.

He also suggests bringing your lunch from home rather than eating out. Plus, he says, there are ways to save at home.

"You really have to take a hard look at your budget, your spending habits and spend wisely," Seitz said.

He says consumers should make their own repairs around the house when possible, make a list and set a budget when you go to the grocery store and shop around for new quotes on your car insurance.

"See if you can save some money that way. You certainly might want to have the same coverage or more, but you may be able to do something from a price stand point," he said.

Other people have their own methods.

"We don't eat out anymore like we used to," said Frank Hardin.

"We just had a baby," explained Strauss. "So we had a couple accounts. One of them was called "baby" so we put money in there each month."

Experts say the key to saving money is being strict with yourself on spending. Once you sit down and make a plan, stick to it!

Another area where people might not realize they can save is their cable or internet bill. There's lots of competition between local companies — including Comcast, Direct TV, Dish Network and AT&T.

Seitz recommends checking into each companies' current deals and combining phone, internet and cable into one bill.