THREE FACTORS EQUAL SUCCESSFUL SAVING

Getting ahead and staying ahead require more than a steady job and good intentions.

When it comes to saving money, success is dependent upon a goal, a plan and discipline, many financial advisers say.

"You don't go anywhere without a goal," said William Holly, manager of Consumer Credit Counseling Service. Having a clear goal fills as important a role in saving money as it does in day-to-day living, Holly asserted.

"People should assess their needs for life goals," agreed Lucy Brindley, head teller at Farm & Home Savings Association.

"It takes a little discipline in the fact that you must have a steady program regarded as a bill where you pay yourself," she said. "I've heard many people say, 'I pay myself first.'"

Holly, likewise, advocates the pay yourself strategy. "You work hard, why not pay yourself first," he said.

However, there's a prerequisite to the pay-yourself-first plan. Holly noted, "If you're overextended, you have got to cure your overextension before you can save."

He recommends that persons first determine their net income and from that figure delete an amount for savings. Next, he said, subtract lifestyle costs such as bills associated with home, car, insurance and food costs. Then, subtract all remaining bills, such as credit card totals or other lender notes. The resulting figure illustrates the individual's or family's financial condition.

Consumer agencies, savings and loan institutions and banks are among the many avenues persons can access for help in developing a clear picture of savings potential and aid in charting a course for saving.

After determination of financial condition come decisions. Among the basic needs are a sound checking account and a savings account that can be accessed in case of emergencies. Once those steps are taken, the possibilities for saving become even greater.

There are many options. Certificates of deposit lock in interest rates for a specified amount of time. Liquid accounts such as money market accounts accrue interest while allowing specified access to funds.

United States Savings Bonds are yet another option. Currently accruing an annual rate of 4 percent, it takes about 18 years for bonds to mature. Series EE Bonds, purchased at half their face value, can continue accruing interest up to 30 years, while the other type of bond available, Series HH, can accrue interest for a maximum of 20 years, noted Susan Gentry, personal banking supervisor with Boatmen's Bank.

Series HH bonds pay interest semi annually at a fixed rate. Series EE Savings Bonds feature additional benefits if used for educational purposes. If certain criteria are met, interest they earn may qualify for exclusion of federal income tax.

For persons more experienced in saving and investing, and who are willing to take more of a risk, the options are even greater. Along with a diverse array of brokerage companies, many banks offer investment services.

"If you're talking long-term kind of things, your best bet probably is to go into some kind of growth fund that gives a pretty high yield. Over the long haul, the yield will outweigh the risk," said Dr. Rebecca Summary, chairperson of the economic department of Southeast Missouri State University.

"The average for a growth fund might be 17 to 20 percent. You can find them that go higher than that," she said. "Again, the downside is that you can take a capital loss if you're not willing to hang in for the long run."

She estimated the "long run" as from six to 10 years.

Investment clubs, typically geared toward the experienced investor, offer yet another option. Through such clubs, members each contribute, forming an investment pool. Investments are determined by group vote.

For the novice to the experienced investor, one simple rule applies. "Money begets money," the manager of the Cape Girardeau office of the Consumer Credit Counseling Service said. "Having money doesn't come from spending, it comes from saving."