Where is your money going?

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Logging everything you spend for 2 weeks to a month (even one week) can be eye opening. Even if you spend $2, log it. At the end of this exercise, you will be surprised at how much money is being wasted on things you don't really need.  

Make a budget

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A budget provides a plan for spending. It sets out your fixed and regular expenses such as a mortgage or rent, utilities, car loans, etc. It also sets limits for discretionary spending such as entertainment, recreation and travel. Put a savings goal in your budget.

Pay yourself first

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Paying yourself first before other expenses is the number one rule for successfully saving more. Many people discover that if they put aside a set amount in savings with every paycheck, then they don't really miss the money saved. 

Be a disciplined shopper

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Make a grocery list before heading to the grocery store. Studies have shown that cutting down on impulse grocery purchases have saved families hundreds of dollars annually. 

Downsize your purchases

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Do you really need that new car?  What if you bought a late model used car, rather than new? How about carpooling? Bagged lunch rather than eating out can save you $5 a day. Premium sneakers or a moderate sneaker from the same manufacturer? 

Make timely payments

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Not only does not paying your bills and credit accounts in a timely manner hurt your credit rating, but paying late incurs late fees which can quickly mount to sizeable amounts of money.