How to Start Saving Money

Saving money and having a budget plan can have major benefits down the road when you want to get out of debt, have a down payment ready for a new home, or take a vacation with your family.

We all want to save money. Right? But, do you ever feel like you are just making ends meet, living paycheck to paycheck, or no matter how hard you try, you can't seem to save much from a paycheck?

Trust me, I have been there. I realized paying down my student loans was going to be impossible if I didn't learn to save money.

I decided to start adding a few habits to my monthly budgeting process to help.

How to Save Money

1. Know how much you make before you spend it.

Try your best to take time out before your next paycheck. Sit and think about how much money you will be bringing into your home over the next two weeks or months. This will give you a heads up to automatically know what your income will be and how much money you will have to work with this month.

2. Right down all of your monthly expenses before you swipe your debit card.

Before you spend any of your next paychecks, sit and use this checklist in advance to write down your expenses. Rent, electricity, water, insurance, medical, gas, groceries, and etc. This was a game-changer for me. My expenses were out of control in the beginning because I wasn't keeping track of them. I was just swiping my card and buying things. When I realized how much I was spending a month, I knew for a fact that I would have to be very careful with my next paycheck if I wanted to save money. You will also be able to see areas you may be spending way too much and could possibly cut down on beforehand.

3. Mark off any unnecessary things you have been spending extra money on.

Now, do you see any expenses you could manage to spend a little less on, eliminate, or replace with something else? Netflix, subscriptions, groceries, entertainment, electricity? This is where budgeting can be fun. Start with at least one thing you can eliminate or cut back on this next paycheck. For example, Starbucks. Do you NEED a latte every morning?

4. Write down what you want to save for this month.

Once you have your income and calculate your expenses. Do a short calculation. Take your income and subtract your expenses. The amount you are left with will help you get a good idea of the amount of money you will have leftover. I love this part because it became my short-term goal and motivation to reach my big goal of paying down my student loans with the money I had leftover from my paycheck. Make saving each month a budget challenge!

5. Track your spending as much as you can throughout the month.

These simple steps were easy enough for me to get started. I was able to mark off subscriptions I did not need anymore and that alone saved me about $40 a month. Are you subscribed to any services you don't use anymore? What about tv subscriptions, clothing, or gym memberships that may have gone unused for a while?

Mark them off your list!

You will be surprised how much you save from canceling services you don't need anymore. Can someone say money in the bank? Sounds like a win to me.

Budgeting may seem difficult in the beginning, but applying these small steps will get you started with the process. It will be a great motivator to continue down the road when you see yourself make healthy financial choices, save money, and build better habits. Personal finance and discipline helped lead me to financial freedom.

If you like these small tips and want more, make sure to enroll in the FREE miss Build A Budget Academy or grab The 21 Day Budget and The 21 Day Budget Workbook. These resources are great books about budgeting and will hopefully inspire you to continue your journey and help you find success down the road. I think having strong financial literacy can really point you in the right direction with building healthy money habits. There are tons of books about saving money out there.

Want more content? Sign-up for our free monthly newsletter for goodies delivered straight to your inbox. Or, join us on our 21-day journey this month and enroll in the FREE Miss Build A Budget Academy. It is a self-paced course including other women with common goals. Lastly, join our Facebook group and share your progress, receive encouragement from other women, and connect in a positive community.

Disclaimer: I am not a financial advisor, money manager, or have any affiliation with any money services. I am one woman that is sharing her story to become debt-free. Read the entire Miss Build A Budget disclaimer here.

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