Saving money is challenging, especially when you don’t know where to begin. Follow these simple tips to start implementing a budget and save money.

  1. Keep track of your expenses. Frivolous spending can add up, so start keeping  a spending history of all your purchases. This will make it easier to see where you should cut back on spending.
  2. Make a budget. Your budget should account for monthly expenses in comparison to your income. After subtracting necessary bills, factor in a certain amount for “extra” spending. If you follow the budget, your savings will grow.
  3. Choose something to save for. This can be an emergency fund, a vacation, or retirement. It’ll be easier to save money with a goal in mind.
  4. Utilize available tools. For short term savings, banks offer high-yield saving accounts, bank money market savings account, and certificates of deposit. For long term savings, look into IRAs, stocks, and mutual funds.
  5. Check your progress monthly. By keeping track of your records and holding yourself accountable, you’ll be better able to reach your savings goals.