Tags: , , ,

How Can I Budget To Save Money (Finance)

11/30/2011 09:19 AM ET

How Can I Budget To Save - Budgeting can be a challenge to stay on track. However, it does come with rewards if you stick with a plan and save 20 percent of your money each month. This can be difficult because some people can’t even save $10.00 a month.

If you want to know how to put funds away, you have to be willing to give up a few things, or you will go into financial ruin. You should be able to put $1,000 away each month, if you have an average income, but it will take sacrifice. This might even mean a lower standard of living, such as housing, to put $500 away from each paycheck.

To get started, all you have to do is implement a budget with goals and follow it. This means getting not eating out every night and probably going to the movies twice per month instead of each week. There are a few ways you can save your cash.

You must first write down all your monthly expenses. Identify each item as a need or a want. For example, is your cell phone really a need right now?

Now you need to review your goals each week. Compare your bank statement and identify areas where you are spending money not included on the budget. Reduce your monthly overhead by canceling your Internet service and use the free one at the local public library.

The goal here is to keep your expenses to a minimum. All you have to do is spend less to that you can free up more cash. The idea is to get more money in, less spending out, and learn how to keep it that way for years to come.

Most people waste money when they smoke or dine out. Set a budget and stick to it if you want to save. You will be rewarded and it will pay you for a chance.

Follow UsSocial

FacebookAdd our Facebook page to receive updates and participate in new tools and features. It's a great way to stay connected with all the latest news.

TwitterReceive daily bite-sized updates by following us on Twitter. Receive Tweet-sized 140-character updates on your mobile phone device or PC.

RSSSubscribe to our daily RSS feed to get the latest national news stories. We offer a feed for every topic including business, entertainment, health, politics, science & technology, travel and more.

Business News