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How to save money

Saving is easier when you have a plan—follow these steps to create one.

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1

Set a savings goal

Note what for, how much and how long you have to save. Some banks offer accounts that can earmark funds for specific goals.

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2

Know where your money is going

Review your monthly bank and card statements and categorize your expenses.

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Clothes

Dining out

Groceries

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3

Create a budget

Include lines for monthly contributions toward your savings goals.

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50%

Needs

30%

Wants

20%

Saving & Debts

Need to know more about budgeting?

Learn how
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4

Prioritize against other goals

For example, if you have high-interest debt, you should plan to keep making those payments while you save. Over time, you can increase your contributions to savings.

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5

Look for spending to cut

Make room for more saving in your budget by finding places to trim back spending.

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6

Make saving automatic

Set up automatic transfers to your savings account so you don’t forget to save each month.

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7

Keep an eye on your goals

Check your progress toward your goals each month and consider increasing your savings contributions.

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Want to find more saving and budgeting strategies?

Visit Better Money Habits

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