Here are some simple savings tips to get started on a plan that works

1. Track your expenses

To get started, you need to know where you money is going, so for one month straight make sure to track and record all your expenses.  There are many mobile apps and programs available to help you do this or track it on paper.  Whatever you decide, make sure you verify all your transactions.

2. Put together a budget

After having completed the first step, now you’re ready to limit your expenses based on priorities you establish.  Separate expenses that regularly occur such as a phone bill from miscellaneous expenses such as entertainment.

3. Establish a saving plan

You should plan on trying to save at least 10-15 percent of your income each month.

4. Set goals

Make some both short term and long term savings goals and verify the above steps to make sure they will help you achieve your goals.  If your saving for a specific thing like a new car, make sure to write those down.

 

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