How to save money

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

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.

Know where your money is going

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

Clothes

Dining out

Groceries

Create a budget

Include lines for monthly contributions toward your savings goals.

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50%

Needs

30%

Wants

20%

Saving & Debts

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.

Look for spending to cut

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

Make saving automatic

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

Keep an eye on your goals

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

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