6 Steps To Start Saving

You know saving is a good thing, but what are the first steps to actually making it happen?

1. Tally your total monthly income and expenses
2. Calculate how much money you have left over after your monthly expenses are paid
3. Add a savings line item to your monthly expenses list.  
• It's good to have a different line for each type of savings - emergencies, vacation, home down payment
4. Decide how much to save each month for each type of savings
• One guide is to put aside 10% of your paycheck
5. Open up a savings account at the local bank
6. At the end of each month, transfer the amount for each type of savings into your savings account
• If you are an employee with a regularr paycheck, have the funds transferred automatically to the bank each pay period
• If you're self-employed, transfer the funds electronically or deposit a check at the bank in person

Take Action:

• Over the next month, keep track of your expenses
• At the end of the month, calculate total income for the month as well as total expenses
• Start researching which banks have the best savings rates

Copyright 2012    Connie Livingston                  All rights reserved