Pay Yourself First
To pay yourself first, set aside some of your income before you pay any other bills or expenses.
Paying yourself first sounds great, but in reality can be uncomfortable. Most of us are taught that money is for paying bills, so it can feel wrong to pay yourself first. But paying yourself first will help you prioritize saving; and having money in the bank can give you peace of mind.
Every time you get paid, put a fixed amount or percentage of your pay directly into a separate savings account or retirement account before you pay any other bills or expenses. You’ll thank yourself later!
One Zero-dollar Day a Week
Here's how it works: On a zero dollar day, you commit to spending no money on things like eating out, shopping, or entertainment. You can still pay for necessities (rent, utilities, etc.) but avoid non-essential expenses.
The goal of a zero dollar day is to challenge yourself to be more creative with the resources you already have and to avoid impulse purchases that can add up over time. By doing so, you can reduce your expenses and become more conscious of your spending habits.
Start with 1 zero-dollar day per week, then challenge yourself to add more!
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Emergency Fund
Financial experts recommend having three to six months' worth of living expenses saved in an emergency fund.
Here’s how to get started:
Gather your bills and expenses
Calculate how much you need to live on each month (be sure to include housing, food, utilities, and transportation.)
Decide how many months’ of expenses you want to save up. Everyone is different, and your emergency fund size will be too!
Start saving!
Check Account Balances Weekly
Check your account balances every week to monitor your spending and stay on top of bills.
Many folks feel anxious or ashamed when thinking about money, especially if they’re struggling financially or have had negative experiences with money in the past. It seems easier to just ignore your finances, but avoidance can get you into trouble (for example, if you miss a payment.)
Checking your account balances at least once a week can help you avoid financial mishaps and strengthen your ability to engage with your finances confidently.
Set a monthly savings goal
Even if it’s a small amount, set a monthly savings goal that you can stick to over time.
Sometimes it’s not about how much you save, but how consistent you are with meeting the goals you set for yourself.
Set a monthly savings goal that is realistic for your income and expenses. Then track your progress toward the goal every month in a spreadsheet, in your Notes app, or on a piece of paper. Writing down your progress can help you stay motivated and give you a sense of pride when you meet your goal!