Are you good at saving money? Sometimes I'm good if I have a goal in mind, but sometimes I can blow through money like it's burning a hole in my pocket. Money Monster open this week in theatres. Don't let money get you down. Here are some tips to save money.
Record your expenses
The first step in saving is knowing how much you are spending. It really is that simple. Keep a budgeting spreadsheet and track everything by category so you know what you are spending and where.
Make a budget
You need a budget and you need to stick to it in order to save money. Make sure you know how much you have coming in and what you have going out each month. You'll be surprised (or maybe you won't) when you start tracking expenses.
Set savings goals
Setting a savings goal makes it easier to save. Have 6-month, 1-year, and 3-year goals. Once you start to lay out those goals, think bigger like retirement, too. You should always have short-term and long-term savings goals and make sure you have an emergency fund that can carry you for 3 to 6 months should you lose and income. Those goals can be as simple as saving for a vacation or as big as retirement.
Different people have different priorities. Your best friend maybe saving for a house, but you maybe saving for a car. That's okay. Keep your eye on the prize. Set your money aside accordingly and don't be distracted by keeping up with the Joneses.
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