Without a doubt, saving money is a significant part of your financial well-being. So if you’re already in the habit of saving money then you’re on the right track, if not let’s see if we can help you get there.

 

The first step is to identify some goals concerning what you hope and plan to achieve when it comes to saving money. Some goals may be short term lasting for only a week, month or a year. These might include saving money for things such as a down payment for a car, a new set of tires or a vacation. Some goals may be more long term like saving for yours or your child’s college education or buying a house. Whatever the case may be, goals give you something to work toward.

 

Next, in an effort to be successful be sure that your goals are SMART:

 

Specific – Exactly what you plan to do.

Measurable – You should be able to monitor your progress.

Agreed Upon – If others are involved, this is something everyone agrees should be done.

Realistic – Something that is truly achievable.

Timed – Established beginning and ending dates.

 

Think about what you want to accomplish and set your ‘smart’ goals. Once you’ve done that, start looking into some ways to save.

 

The most obvious way to save is to cut your expenses where you can. Easier said than done right? Maybe, but it’s not impossible! Remember, you’re in complete control of this area of your finances. All it takes is determination and discipline, both of which are free.

 

First things first; put an end to all your needless spending. All of us have been guilty of wasteful spending at some time or another.  Ever stopped at a store just to “look around” and ended up spending money on stuff you didn’t plan on buying or probably don’t even need? What about that latte you stop and get every morning on your way to work? Or the five, ten sometimes twenty dollars you spend on junk food or impulsive buys at the grocery store? While it may not seem like much, saving small amounts will add up over time.

 

In addition to cutting your expenses where feasible, here are a couple of other things you can do to jump start your savings plan:

 

Establish a savings account.

Savings accounts may not earn much and may seem worthless to have, but it’s a good place to start putting away some money each payday. Once your balance increases, you can then consider investing the money in something that will earn you more money. For now, just get in the habit of saving

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Stash your change.

Every day stash the coins you receive after making a purchase in a piggy bank or a jar. When it’s full, dump the coins, roll them in coin wrappers and deposit the money into your savings. You’d be amazed how the money adds up! Immediately start stashing your change again!

 

A key point to remember is that saving money regularly leads to successful savings! So get your savings in order!