Save Today, Thank Yourself Tomorrow
When it comes to finances, people tend to feel overwhelmed. However, finance should not be a scary topic. Start small, for example, start with a savings plan. Set a short-term goal at the beginning of the month and track your budget and expenses.
October 12 is National Savings Day and to help celebrate, we summarized 4 tips to put you on track to saving more for your future.
Watch what you spend
Take some time to go through all your expenses. If an app helps you track your expenses, download it. If you like an Excel spreadsheet to keep it simple, start the Excel sheet. Look at all your expenses for living, utilities, food, credit cards, and medical to name a few.
Treat your savings as an expense
Make it a habit to put money away consistently every month and categorize your savings as an “expense.”
Allocate income in terms of percentages
When you get your paycheck, determine what percent of your paycheck goes to living, utilities, food, etc. From there, categorize your expenses into fixed or flexible expenses (fixed would be a mortgage, utilities, and flexible would be entertainment, dining).
Prioritize your expenses
Take out your expense sheet and prioritize your expenses. As you start tracking your monthly expenses, see where you can cut unimportant spending and redirect this to your savings account.
When it comes to your financial future, whatever that may look like, remember to always prioritize yourself. A disciplined savings plan can help solidify your financial future.
Financial Media Exchange. “How To Get Yourself on the Savings Track.” eMoney.com. 2015. Accessed October 4, 2021. file:///C:/Users/gcaym/Downloads/839.pdf.