4 simple ways to save money
1 Keep track of your expenses.
The first step in beginning to save money is determining how much you spend. Keep note of all of your expenses, including coffee, groceries, and cash tips, as well as your normal monthly bills. You can use a pencil and paper, a simple spreadsheet, or a free online expenditure tracker or app to keep track of your expenses. Once you've gathered your information, sort it into categories like petrol, food, and mortgage payments, and add up the totals. Make sure you've included everything by checking your credit card and bank statements.
2 Make saving a part of your budget.
You can start making a budget now that you know how much you spend in a month. Your budget should indicate how your expenses compare to your income so that you can budget and avoid overpaying. Always remember to account for expenses that occur on a monthly basis but not every month, such as car maintenance. Include a savings category in your budget, and save an amount that feels comfortable to you at first. Plan to save up to 15% to 20% of your salary at some point in the future.
3 Establish your financial objectives.
Your goals are likely to have the greatest impact on how you spend your savings after your expenses and income. For example, if you know you'll need to replace your automobile soon, you can start saving money now. But keep long-term goals in mind—critical it's that retirement planning doesn't take a back seat to immediate necessities. Learning how to prioritize your savings goals might help you see where you should put your money.
4 Make the saving process automatic.
Almost all banks allow you to transfer money between your checking and savings accounts automatically. You can choose when, how much, and where you want to transfer money, and you can even split your direct deposit so that a piece of each paycheck gets into your savings account.
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