What's the best way to save?

Started by Crystal T.
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Crystal T.

I'm new to saving and i was looking for some pointers in saving…any piece of information is helpful.

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Nancy W.

know your expenses first then look for areas you can be more lean on or eliminate.

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Melissa D.

Track your expenses so you know what you're spending on. Then find things to cut or reduce. I like to write out a budget and then track areas that fluctuate or involve many transactions. For example, rent is once a month and a set amount so I don't need to track it carefully. But food, gas, and utilities fluctuate and are easy to lose track of so I track them. Personally, I use Goodbudget, which is like a virtual envelope system. A bonus of this system is that sometimes I find that I am underspending in an area (like gas when we were all under stay at home order) and can sweep that into savings.

Deleted user

Pay your self first. Start small, pay yourself maybe $5 or $10 a paycheck or monthly and put in it in savings and don't touch it until it's an emergency or you have enough to buy what you're saving for. Another thing you can do is to operate on a $0 balance checking account. With that option, everything you have left from paycheck to paycheck gets moved to your savings account.

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Hoi W.

Pay your self first. Start small, pay yourself maybe $5 or $10 a paycheck or monthly and put in it in savings and don't touch it until it's an emergency or you have enough to buy what you're saving for. Another thing you can do is to operate on a $0 balance checking account. With that option, everything you have left from paycheck to paycheck gets moved to your savings account.

Great advice here, Jeremy. Once you have established a fair amount of savings, I would look into investing in mutual funds to grow your monies.

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Crystal S L.

Great advice found them useful for my budget

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