Savings Basics — How to Get Started Saving

How to Get Started Saving

Want to start saving, but don’t know where to begin? Here are five things you can do this week:

Create a realistic saving plan

Calculate your monthly expenses, and compare that figure to your take-home pay. Where can you cut back? A few small changes add up to big savings.

Spend less than you earn

The most basic truth about saving is this: You can only save money if you spend less than you earn.

Start a savings account

Savings accounts keep your money safe and help it grow. The bank pays you interest on the money you have in a savings account. You make deposits into your account and withdraw money when you need it.

Start an emergency savings account

Start a separate savings account specifically for emergencies. Add to the account regularly until it has enough money to cover monthly expenses in case of job loss or short-term disability. Experts advise keeping six months worth of income in an emergency savings account where the funds are easily accessible and earn interest.

Put your savings first

Make saving a regular habit and set aside a certain amount every month before you start spending. A good way to pay yourself first is to schedule automatic payday deposits so that part of each paycheck goes directly into your savings account.

Read 10 Tips for Saving

My Money Goals

Want to buy a house? Reduce debt? Scroll through the columns below and select your goal to create a plan.

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