Simple and Realistic Ways to Start Saving More Money

Woman leaning over a piggy bank

Saving more and spending less. The hardest part about doing either is getting started. Here are some tips to help you fatten your bank account and have more money in the future.

Write down your expenses

You can’t save money properly and consistently unless you know how much you spend. Record your expenses, and by record, that means everything; write down how much you spend on your bills every month, as well was the cost of all those trips to Starbucks. Your credit card bills and other debts you may still be paying should also be on the list.

Start a budget

As you have a record of your expenses already, you can now create a budget. Your budget should include how much to spend on groceries, lunch, fuel, bills, etc., as well as a portion of your monthly pay that should go to your savings. About 15% of your income is a good bet for savings.

Remove what you can from your expenses

Now that you have a budget, learn to make some adjustments on it. This means cutting down on the lattes and other luxuries. Find alternatives wherever applicable. For example, instead of going out for lunch at work, cook your food at home and bring it to work. See if you can refinance a mortgage in Salt Lake City to reduce the amount you pay every month. Consolidate all the payments you can.

Make payments automatic

Some bills can be deducted from a savings account automatically. By doing this, you can avoid spending money without paying your bills first. If you can pay everything with one credit card, you only have to deal with that credit card bill. It is unlikely that you’ll forget to pay something.

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Many people fail at saving because they lack the motivation to do it. Watch how much money you save every month and think of it as the only motivation you’ll ever need. You’ll thank yourself for it when you need serious cash.