The first step to saving money is to figure out how much you spend. Keep track of all your expenses”that means every coffee, newspaper and snack you buy.
Once you have an idea of what you spend in a month, you can begin to organize your recorded expenses into a workable budget.
Now that you’ve made a budget, create a savings category within it. Try to put away 10“15 percent of your income as savings.
One of the best ways to save money is to set a goal. Start by thinking of what you might want to save for”anything from a down payment for a house to a vacation”then figure out how long it might take you to save for it.
After your expenses and income, your goals are likely to have the biggest impact on how you save money. Be sure to remember long-term goals”it’s important that planning for retirement doesn’t take a back seat to shorter-term needs.
