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How to Start Saving

If you’re thinking about saving, here are six ideas to get you started:

  1. Set goals. If you want to succeed, you need something to save for. Figure out how much money you’ll need to get what you want.
  2. Pay yourself first. Before you spend any of your hard-earned money, put a set amount aside every month. Think of it as paying yourself.
  3. Make a budget. Write down your spending plan. You will need a road map for how you want to spend your money.
  4. Keep track of your spending. This is part two of your budget. It’s not enough to write down your goals. You have to make sure you’re following them. If you keep receipts and write down the money you spend every day, you can compare this to the budget you set.
  5. Avoid debt. If you’re already in debt, start to pay it off as soon as you can. Stop using your credit cards and focus on catching up.
  6. Take advantage of tax savings plans. If your company offers a retirement savings plan or other matched savings account, try to put in as much money as you can. Remember that you could be making a free small coins (or more!) for every money you deposit. Why turn down free money?
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I like all these ideas. After all, saving is important to ensure a good future for the family and for our own self. - Dony McGuire