Savings and Expenses Strategies


As you review your budget and your net worth, you may decide to save more money.
Saving sometimes seems difficult, but it can be done if you have a plan. Many people do not have a formal savings plan, and without one, the chances of saving enough money to meet long-term financial goals or achieve financial security are very few.
Instead of waiting until you have “extra” money to save, create a savings plan. Having a budget will help you generate the money to save.
When setting spending goals, most people find they can save more regularly than they think they can. 

At first, the amount saved is less important than the fact of saving regularly.

If the amount you decide to save each week or each month is seen as an obligation, like a payment of a debt, the idea of ​​”paying yourself first” can become a serious commitment.
Start with an amount that you are sure you can save.


Differentiate between cravings and needs. Needs are items that are necessary for sustenance such as a roof, food, clothing, and transportation. Cravings are things that make you stand out, or that possibly improve our family life. Shoes are a necessity, but new shoes every month are a craving.
Set goals for realistic savings, achievable. Experts suggest you save 10 percent of your income.

It is a good goal, but do not give up if you are not able to save so much. Establishing the habit of saving and saving consistently is better than saving a large sum just once. Start with an amount that you know you can save consistently.

Establish a separate savings account using the automatic deposit. If you mix your savings with your regular checking account, you will safely take money out of your savings and never replace them again. If possible, have your employer or your spouse’s employer deduct a fixed amount of your salary in each pay period and deposit it automatically into your savings account.

Reduce dependence on debt. Decreasing debt is an effective way to free up more money to save. When you decrease your dependence on debt, you will probably start buying less, and your total debt will start to get smaller.
Write down your savings goals. This can have a powerful impact on changing their behavior. Makes your goals more real and concrete.

Target your GOALS in the short, medium and long term, along with the amount of time you have projected to achieve them. Make sure the goals are realistic and realistic, and review them regularly.

Develop a budget that includes savings. Include monthly savings in your budget. If you do not budget your savings, you probably will not save. Establish savings for emergencies as well as for short and long term goals.