How to Save Money

Saving money is one of those tasks that's so much easier said than done. There's more to it thanspending less money (although that part alone can be challenging). How much money will you save, where will you put it, and how can you make sure it stays there? Follow along to learn how to set realistic goals, keep your spending in check, and get the most for your money.
steps

1

Kill your debt first. Simply calculating how much you spend each month on your debts will illustrate that eliminating debt is the fastest way to free up money. Once the money is freed from debt payment, it can easily be re-purposed to savings. Plus, the sooner you pay off debt, the less interest you'll pay, and that money can be saved instead.

• If you choose to start saving before you completely pay off your debt, however, look into consolidating your debts so that you're not paying as much interest.
• The only money-saving that should take precedence over getting out of debt is to create an emergency fund (setting aside enough money so that if you lose your income, you can survive for 3-6 months). If you don't already have an emergency fund, you should start contributing to one immediately.

2

Set savings goals. For short-term goals, this is easy. If you want to buy a video game, find out how much it costs; if you want to buy a house, determine how much of a down payment you’ll need. For long-term goals, such as retirement, you’ll need to do a lot more planning (figuring out how much money you’ll need to live comfortably for 20 or 30 years after you stop working), and you’ll also need to figure out how investments will help you achieve your goals.

3

Establish a time-frame. For example: "I want to be able to buy a house two years from today." Set a particular date for accomplishing shorter-term goals, and make sure the goal is attainable within that time period. If it’s not attainable, you’ll just get discouraged.

4

Figure out how much you’ll have to save per week, per month, or per paycheck to attain each of your savings goals. Take each thing you want to save for and figure out how much you need to start saving now. For most savings goals, it’s best to save the same amount each period. For example, if you want to put a $20,000 down payment on a home in 36 months (three years), you’ll need to save about $550 per month every month. But if your paychecks amount to $1000, it might not be a realistic goal, so adjust your time-frame until you come up with an approachable amount.

5

Keep a record of your expenses. What you save falls between two activities and their difference: how much you make and how much you spend. Since you have more control over how much you spend, it's wise to take a critical look at your expenses. Write down everything you spend your money on for a couple weeks or a month. Be as detailed as possible, and try not to leave out small purchases. Assign each purchase or expenditure a category such as: Rent, Car insurance, Car payments, Phone Bill, Cable Bill, Utilities, Gas, Food, Entertainment, etc.

• Keep a small notebook with you at all times. Get in the habit of recording every expense and saving the receipts.
• Sit down once a week with your small notebook and receipts. Record your expenses in a larger notebook or a spreadsheet program.
• There are also many apps you can download to your phone that will help you keep track of your expenses.

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