How Can I Start Saving Money?

Are you in debt?

Do you have a saving account?

Do you have a specific goal you’re saving for?

Do you keep track of your expenses?

Do you have difficulties saving money even though you keep track of your expenses?

Did you limit your budget?

Do you have long term goals?

Before you start saving money for future goals it’s recommended that you get rid of any debts. Make it a priority to save more money in order to pay your debt. Write down your monthly expenses or go through your credit card bill and see where you can save more. Try to use cash instead of credit/debit, it will be harder to let go of. Find out how much money you need to get out of debt and make a yearly plan for saving a certain amount each month for paying debts.

Talk to your bank about saving accounts options. You can put aside a small amount every month. You can consult with a banker on the right amount according to your needs. Some plans offer a small interest rate on any money you put aside. The more you save, the more interest you can earn.

Are you saving for that trip to Bermuda you’ve been dreaming on? Do you want to buy a house for your family? Getting a new car? Your kids’ education? Setting a goal is important for you to succeed. When you have an emotional commitment connected to saving money, you are more likely to reach it. Think about it, is it worth getting that sugary desert, or save these few extra bucks for your new house? Just like hygiene or a healthy diet, saving money is about educating yourself towards making healthier and more aware decisions.

In order to start saving money, you first need to know how much you’re spending. Write down your monthly expenses or use a free app. Divide your expenses into different categories such as gas, clothing, groceries, household etc. It's preferable that you immediately record every purchase you make and don’t postpone much or you can forget it. Going through your detailed monthly expenses will help you make better choices and set your priorities straight. Writing down each purchase will make you think twice before you spend money on stuff you don’t necessarily need.

Saving money is a marathon, not a sprint. After figuring out you expenses and setting priorities, you should set goals. It can be a new car, a house, a trip or whatever your heart desires. You should then take small steps towards changing your habits. Cut down on unnecessary expenses, make a yearly savings plan and maybe figure out ways to increase your incomes. Don’t get upset if it takes time. Try to be patient. Understand that changing habits is a process that will eventually get you towards your most desired goals.

Being aware of your expenses is important, but not enough. You need to set a reasonable budget and try to stick to it. Take into account unexpected expenses such as a visit to the garage. Prioritize your needs and see where you can make cuts. Remember that is a temporary inconvenience. The more control you’ll gain over your expenses, the more options you’ll have in the future. If you’ll wish to extend your budget you could always find ways to increase your incomes without hurting your saving goals.

Having a specific goal in mind will make it easier to save money. Think about how good you’ll feel when you’ll finally reach your goal. You can start with something small, such as saving for a short trip or spending a day at the spa. Achieving your goal will empower you and inspire you to aim for bigger goals that you didn’t think were possible for you at first.

Write down your expenses or go through your credit card bill and see how much you spend each month. Divide your expenses into different categories and see where you can cut down. Write down your long-term goals such as a much-anticipated vacation, a new car etc. Figure out the amount you need to save in order to make it happen. That’s your goal. Write down a number, look at your monthly expenses and make a year plan of saving. Figure out how much you need to put aside each month to reach it. When tempted to spend money, remind yourself of your goal and the time you have left to reach it. Let your close environment know about your goal and have them encouraging you towards it.