1) Create a budget (be realistic)
Start by making a list of all of your sources of income and necessary expenses such as rent, utilities, insurance, etc.
2) Identify where you can cut costs
After you look at your expenses, chances are, you’ll see some areas where you can cut back on spending. Perhaps you can live without these items while you’re trying to save:
- Going out to eat
- Magazine or TV subscriptions
- Frequent trips to the salon
- Online shopping
3) Set a savings goal
Once you’ve created a budget and looked at your spending habits, set a goal for yourself. Include a date and a dollar amount—and hold yourself to it!
4) Take action
Your savings plan isn’t going to give you good results if you don’t put in the work. Take actionable steps to cut back on spending, make investments, and boost your income.
5) Monitor your progress
Try to set monthly or even weekly goals to ensure you’re on track for savings success! Make it a habit to check your debit and credit card statements regularly.