How to Save Money Each Month

Below are a few tips and steps so you can start to save money each month and set yourself up to be more financially secure.

How Much Should I Save Each Month?

How much should you save each month? Many financial experts and sources will recommend saving 20% of your income every month. However, the more you can save and invest — the better it will be for your current finances and future financial health.

What You Should Do First

How you set these items up, approach it, or how much time you spend on each is entirely up to you. These are things you should work on pretty much indefinitely and may alter over time. But before you start looking for ways to save money each month, begin your process with these three things first.

Track expenses

For you to have a clear picture of where your money goes, it’s best to track it all in an easy way. Personally, I think a basic spreadsheet will do just fine.

Set realistic savings goals

When you are starting to take saving money more serious, you should create some financial goals for yourself too. And also ensure they are realistic as well.

Paying yourself first

The simple way to do pay yourself first is to automate the process on a recurring basis. I used to do that in the early days, but have since been more of a manual process.

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