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Saving money can be hard in the beginning, but once you make it a habit, it comes naturally. As I've mentioned in other blog posts, I was able to save enough money working a restaurant job at 17 to buy a car outright with no payments 9 months later. I fought temptation, created positive spending habits, and stuck to my plan, all as a teenager, and I'm still driving that very car. If I could do it, you can too.
The first step you should take is to get a budget-friendly planner like this one on Amazon. Or if you'd prefer to go the digital route, Moneyspire is also great for this. Trying to keep track of how much to budget, when, and where your money should go without a visual plan can be overwhelming and difficult to manage. A planner allows you to clearly lay out your goals and track your progress, making the process feel achievable and rewarding. Writing down your financial plan is a great way to stay focused and motivated as you work toward your savings goals.
Once you've got a place to store your budgeting information, track your spending to identify patterns. Categorize your expenses into essentials and non-essentials. Essentials include rent, car payments, insurance, card payments, groceries, etc. Non-essentials including shopping sprees, takeout, morning coffee, etc. Finally add what your monthly income is so you can start calculating.
Cancel subscriptions you aren't using or don't need. The remaining subscriptions should be added to your essentials list. Once you decide how much money you have to spend each month on essentials, the remaining is what we have to work with. This number you can take an amount from each month to dedicate to your savings account. In general it's great to save for unexpected wants or needs, but even better if you're motivated by something to save for, like a new car, phone, or even a vacation. The key to saving is making it a priority rather than an afterthought. Treat your savings like a bill and transfer money into your savings account as soon as you get paid. Automate your savings to ensure consistency and start small, even saving ten dollars a week can add up over time.
Sometimes, saving money is about making small changes that add up big. Meal planning can reduce food waste and save on eating. If you struggle with meal planning and reducing food waste like me, this meal planner from Amazon and meal-prep cookbook that uses a week of groceries with no waste also from Amazon will prove helpful to you, because I cannot for the life of me shop for groceries without help. Review your recurring charges and make sure you aren't paying for something you don't know about. I personally write down all of the charges to my card so that I don't miss a charge that isn't mine.
An emergency fund is your safety net for unexpected expenses. Aim to save three to six months’ worth of living expenses. Start with a goal of five hundred dollars and grow from there. Keep your emergency fund and savings in high-yield savings accounts to avoid spending it, but also to allow your money to slowly grow on its own.
The right tools make saving easier and more effective. For example Moneyspire, which I mentioned earlier, and high-yield savings accounts to help you earn more interest on your savings. Use spreadsheets or apps as mentioned in the beginning to monitor your progress and stay organized. Don't work for your money, make it work for you.
Saving money is a journey, and staying motivated is key. Set clear goals and start with a sustainable plan to achieve financial freedom. Celebrate milestones when you hit a savings target or have your first month successfully staying in your budget. Saving money is about making intentional choices with your finances. It’s not about deprivation but about aligning your spending with your values and goals. With a little discipline and the right tools, you can achieve financial success and grow your savings. Start today by creating a simple budget and taking one small step toward your financial goals. Let’s grow and achieve our financial goals together.