10 Tips to Save Monthly

You’ve heard the age-old saying, If you fail to plan, you plan to fail, and that
couldn’t be more true when it comes to planning your budget. If you haven’t
given much thought to how much money you make in comparison to how
much money you spend each month, it’s time to start making changes now.
Although creating and sticking to a budget may seem like an overwhelming
task at first, once you begin to understand the ins and outs of budgeting, it
will become second nature in no time at all.

Establish where you are today

When creating your budget, it’s important to first understand where you
stand financially. Take stock of your assets and liabilities, and consider
what expenses are non-negotiable. Your budget should include any fixed
expenses that you know you’ll have every month: car payments, rent or
mortgage payments, insurance premiums (if applicable), childcare costs,
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Keep your goals in mind

Before you start, consider your financial goals. Are you saving for
retirement? Kids’ college? An emergency fund? Once you’ve figured out
where you want your money to go, think about how much of it there is right
now—and create a budget around what will give those financial goals
enough time to work. [GET PAID DOING SURVEYS]
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List all sources of income

The best place to start budgeting is by writing down all of your income
sources. Include salaries, bonuses, commissions, freelance work, or any
other type of income you receive. It may be tempting to leave out some of
your side hustles here—but don’t! They should all be accounted for in order
for you to create an accurate budget that works for you.
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List all expenses

With each portion divided into discretionary and non-discretionary costs
When creating your budget, make sure you account for both your
discretionary and non-discretionary expenses. The former includes things
like entertainment or eating out, while the latter includes items such as rent
or mortgage payments and utilities. Be honest with yourself when recording
all of your expenses in your budget; otherwise, you’ll quickly realize how
unrealistic it is to expect yourself to follow it on a regular basis.
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Track your spending

The first step in creating a budget is tracking where your money is going.
The easiest way to do that is with an app, like Mint or Mvelopes, which
pulls all of your spending information into one place. If you don’t want to
use an app, go old-school and keep a spreadsheet on Google Docs or
Excel. Just make sure it’s synced up with your bank accounts so you can
track any purchases made offline. [GET PAID DOING SURVEYS]
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Consolidate your debt

Consolidating all your debt into one loan means you’ll pay off multiple loans
with one monthly payment. This will streamline your budget, making it
easier for you to save money. To accomplish that, contact multiple lenders
and financial institutions about refinancing your debt into one loan. You
might find yourself saving thousands of dollars over time—and also paying
less interest as well! [GET PAID DOING SURVEYS]
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Start saving for the future

Start saving for retirement as soon as you can, whether that’s in your 20s
or 40s. Your 401(k) might offer free financial advice and planning, which
could help you create a more secure future with less risk of poverty. Don’t
know how much you should be saving? [GET PAID DOING SURVEYS]
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Don’t spend what you don’t have

It’s easy to think that our incomes should stretch much further than they
really do. But when you look at what you have left over at the end of each
month, you may discover that you can’t spend any more than you have.
The truth is that we all need to live within our means. If there isn’t enough
money coming in, then it won’t matter how hard you work—you won’t be
able to save any money. [GET PAID DOING SURVEYS]
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Update it as needed

Review your budget every month. To keep it up-to-date, make sure you
change goals and priorities as your life changes. If you get married or
divorced, for example, you may want to allocate more or less money for
entertainment. If you buy new appliances for your kitchen, update your
home maintenance budget. And if you get promoted at
work—congratulations!—you’ll probably want to adjust your savings goals
upwards so that you can set aside more money each month in case of an
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Stick to it!

Once you’ve crafted your budget, stick with it. If you slip up and spend
more than planned, don’t give up! Just get back on track as soon as
possible by cutting your spending elsewhere or finding ways to make more
money. Your budget will help you in so many ways—from creating a
realistic idea of how much money you can save for emergencies and
vacations, to deciding where you can afford those nights out.
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