Opinion: How to Save Money

Daniella Cressman

Disclaimer: This article is accurate and true to the best of my knowledge. Content is for informational or entertainment purposes only and does not substitute for personal counsel or professional advice in business, financial, legal, or technical matters.

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You hear from everyone and their dog dishing out financial advice that you need to save money, but how exactly do you actually do that?

1. BUDGET

The first thing you will want to do is track your spending. Chances are, you'll be surprised by just how much of it is going towards items that are not essential.

The first step to managing your money and saving it is to know where you need to cut back.

2. START BUILDING AN EMERGENCY FUND

Some are living paycheck to paycheck, making it nearly impossible to save any money because they genuinely do not have an extra dollar. If you are not in that situation and you can afford to put at least 10% of every paycheck you earn into a savings account, your future self will thank you.

You'll want to have at least three to six months' worth of savings, including money for utilities, housing, and groceries.

It can be helpful to put this cash into a high-yield savings account so that it is accessible, but it is not overly tempting to draw from when you are craving non-essentials.

3. SAVE FOR RETIREMENT

If you can afford to, it's important to save for retirement: You'll want to put at least $400 into your retirement account every month.

These habits can help you set yourself up for success financially.

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Canadian-American author writing about local politics, personal finance, & dining in Albuquerque.

Albuquerque, NM
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