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These steps can help you create one. Read, 11 minutes Sometimes the hardest thing about saving is just getting started. This guide on how to budget and save money can help you develop a simple and realistic strategy that meets your needs. ## How do I start saving money? **Begin with expense tracking.** The first step to start saving money is figuring out how much you spend. Keep track of all your expenses—that means every coffee, household item and cash tip, as well as regular monthly bills. Record your expenses however is easiest for you—[a simple spreadsheet, free online spending tracker or app, or even pencil and paper](https://bettermoneyhabits.bankofamerica.com/content/dam/community/lessons/steps-to-start-a-small-business/en/resources/bmh-erc-smallbusinessworkshop-personalbudgetworksheet-ada-approved.pdf). Once you have your data, organize the numbers by categories, such as gas, groceries and mortgage, and total each amount. Use your credit card and bank statements to make sure you’ve included everything.  TOOLS FROM BANK OF AMERICA For easier budgeting or to analyze your spending, use the Spending & Budgeting tool in Mobile & Online Banking. [Get started](https://www.bankofamerica.com/online-banking/mobile-and-online-banking-features/spending-budgeting/) ## How do I fit saving into my budget? **Make savings a monthly expense.** Now that you know what you spend in a month, you can begin to [create a budget](https://bettermoneyhabits.bankofamerica.com/en/saving-budgeting/creating-a-budget). Your budget should show what your expenses are relative to your income, so that you can plan your spending and limit overspending. Be sure to factor in expenses that occur regularly but not every month, such as car maintenance. Include a savings category in your budget and aim to save an amount that feels comfortable to you. Plan on eventually increasing your savings amount to up to 20 percent of your income. ## How do I save money on a tight budget? **Economize on wants.** If you can’t save as much as you’d like, it might be time to cut back on expenses. You can get ideas on where to cut by seeing [how your spending compares with everyone else’s](https://bettermoneyhabits.bankofamerica.com/en/saving-budgeting/average-household-monthly-expenses). First identify nonessentials, such as entertainment and dining out, that you can spend less on. Then look for ways to reduce your fixed monthly expenses, such as your car insurance or cell phone plan. Other [ways to save money every day](https://bettermoneyhabits.bankofamerica.com/en/saving-budgeting/how-to-save-money-tips) include: ### Related content  [Saving & Budgeting Your guide to creating a budget plan Read more, 12 minutes](https://bettermoneyhabits.bankofamerica.com/en/saving-budgeting/creating-a-budget) ### Search for free activities Use resources, such as community event listings, to find free or low-cost entertainment. ### Review recurring charges Cancel subscriptions and memberships you don’t use—especially if they renew automatically. ### Cook your meals Plan to eat most of your meals at home, and research local restaurant deals for nights that you want to treat yourself. ### Wait before you buy When tempted by a nonessential purchase, wait a few days. You may realize the item was something you wanted rather than needed—and you can develop a plan to save for it. ### Transcript ## What kinds of savings goals should I set? **Use goals to make saving meaningful.** Working toward [specific goals](https://bettermoneyhabits.bankofamerica.com/en/saving-budgeting/setting-and-achieving-financial-goals) can be one of the most effective ways to save money because it puts a reward or accomplishment in sight. Start by thinking about what you might want to save for—both in the short term (one to three years) and the long term (four or more years). Then estimate how much money you’ll need and how long it might take you to save it. **Common short-term goals:** Emergency fund (three to nine months of living expenses), vacation or down payment for a car **Common long-term goals:** Down payment on a home or a remodeling project, your child’s education or retirement An if/then plan is an exercise that can help you reach your savings goals. It helps you anticipate potential obstacles and then plan specific actions to address them. [Here’s how put one together.](https://bettermoneyhabits.bankofamerica.com/en/saving-budgeting/if-then-planning)  ### Quick tip Set a small, achievable short-term goal for something that’s fun and goes beyond your monthly budget, such as a new smartphone or holiday gifts. Reaching smaller goals—and enjoying the reward you’ve saved for—can give you a psychological boost, making the payoff of saving more immediate and reinforcing the habit.  [Saving & Budgeting How to set realistic financial goals Read more, 5 minutes](https://bettermoneyhabits.bankofamerica.com/en/saving-budgeting/setting-and-achieving-financial-goals) ## How do I decide which savings goals are most important? **Learn** [**how to prioritize your savings goals**](https://bettermoneyhabits.bankofamerica.com/en/saving-budgeting/learning-to-save) to gain a clear idea of how to allocate your savings. After your expenses and income, your goals are likely to have the biggest impact on how you allocate your savings. For example, a common budgeting question is whether to pay down debt, save or invest. [This interactive tool can help you decide](https://bettermoneyhabits.bankofamerica.com/en/saving-budgeting/pay-down-debt-save-or-invest). Or let’s say you know you’re going to need to replace your car in the near future. You could start putting away money for a new vehicle now. Just be sure to incorporate long-term goals, too. It’s important that planning for retirement doesn’t take a back seat to shorter-term needs. ## How do I grow the money I'm saving? **Put your savings to work.** There are many savings and investment accounts suitable for short- and long-term goals. And you don’t have to pick just one. Look carefully at all the options and consider balance minimums, fees, interest rates, risk and how soon you’ll need the money. This information will help you choose the mix that works best for your goals.  [Saving & Budgeting How to prioritize your savings goals View infographic, 2 minutes](https://bettermoneyhabits.bankofamerica.com/en/saving-budgeting/learning-to-save) ### Short-term goals If you’ll need the money soon or need to be able to access it quickly, [consider using these FDIC-insured deposit accounts](https://bettermoneyhabits.bankofamerica.com/en/saving-budgeting/money-market-vs-cd-vs-savings): | | | | |---|---|---| | |  | A savings account | | | | | |---|---|---| | |  | [A certificate of deposit (CD)](https://bettermoneyhabits.bankofamerica.com/en/personal-banking/what-is-a-cd-investment), which locks in your money for a fixed period of time at a rate that is typically higher than that of a savings account | ### Long-term goals If you’re saving for retirement or your child’s education, consider: | | | | |---|---|---| | |  | FDIC-insured individual retirement accounts (IRAs) or 529 plans, which are tax-efficient savings accounts | | | | | |---|---|---| | |  | Securities, such as stocks or mutual funds. These investment products are available through investment accounts with a broker-dealer[1](https://bettermoneyhabits.bankofamerica.com/en/saving-budgeting/ways-to-save-money#footnote-content-1) | ## How can benefits at work help me save? Many employers offer a number of [benefits that can save you money and help you save](https://bettermoneyhabits.bankofamerica.com/en/taxes-income/new-job-checklist). Chief among them are 401(k) plans, which allow you to make automatic contributions from each paycheck to a retirement plan. The contributions come out of your paycheck before taxes are withheld, and any investment earnings are not taxed until you withdraw them. A portion of each contribution is often matched by the employer. Other pre-tax benefits include Health Savings Accounts and Flexible Spending Accounts, which help you to set aside money for medical and child-care expenses. ## Are there easy ways to save money? Almost all banks offer automated transfers between your checking and savings accounts. You can choose when, how much and where to transfer money or even split your direct deposit so that a portion of every paycheck goes directly into your savings account. The advantage: You don’t have to think about it, and you’re less likely to spend the money instead. Other easy [savings tools](https://bettermoneyhabits.bankofamerica.com/en/saving-budgeting/simple-saving-tools) include credit card rewards and spare change programs, which round up transactions to the nearest dollar and transfer the difference into a savings or investment account. ### Transcript  TOOLS FROM BANK OF AMERICA See how you can transfer money with Mobile & Online Banking in a few simple steps. [Learn more](https://www.bankofamerica.com/online-banking/mobile-and-online-banking-features/money-transfer/) ## OK, I have a plan to save money. Now what? Review your budget and check your progress every month. That will help you not only stick to your personal savings plan, but also identify and fix problems quickly. Understanding how to save money may even inspire you to find more ways to save and hit your goals faster.  [Saving & Budgeting Tools that help make saving simple Read more, 2 minutes](https://bettermoneyhabits.bankofamerica.com/en/saving-budgeting/simple-saving-tools) ## FAQs about saving money ### Can I negotiate utility bills? It’s worth a try, especially if you live in a state that lets you choose your electricity or natural gas provider. Other factors that could help you get a lower bill include: - Being a long-time customer - Consistently paying your bill on time - Having a big monthly bill Do some research before calling to learn if the utility has any special promotions or customer loyalty plans that could save you money. Be polite and direct with the customer service representative. If you’re considering changing providers, let them know. They may connect you with a customer retention specialist who has more authority to make changes. ### What are money-saving challenges? Money-saving challenges are quirky ways to encourage you to save. They turn savings into a game or competition, making it fun and providing motivation to stick with it. They can also help you break large goals into smaller pieces that are easier to achieve. You can find lots of money-saving challenges on social media. Examples include: **52-week money challenge:** This is a year-long challenge that has you transfer steadily increasing amounts into your savings account every week: \$1 in week one, \$2 in week two, \$3 in week three and so on until you get to \$52 in week 52. By then, you will have saved \$1,378. **No-spend money challenge:** For a set period of time—a month, for example—you stop all spending on nonessentials. At the end of the month, add up what you didn’t spend on lattes, trendy clothes or nights out and put that money in your savings account. **Weather Wednesday money challenge:** Put an amount of money equal to the high temperature on Wednesdays into your savings account. ### How do I save money fast? You’ll be surprised how fast your savings add up if you take a few basic steps: - Create a budget that includes a commitment to savings. - Make savings as painless as possible by having part of every paycheck automatically deposited in a savings account and by contributing to your 401(k) plan at work. If you’ve never had that money available to spend, you probably won’t miss it. - Gradually bump up the percentage of income you’re saving—every time you get a raise, for example. - Whenever you “find” money—from tax refunds, gifts or spending cuts—dedicate a portion of it to savings. 1. Remember that securities are not insured by the FDIC, are not deposits or other obligations of a bank and are not guaranteed by a bank. They are subject to investment risks, including the possible loss of your principal. [1\.](https://bettermoneyhabits.bankofamerica.com/en/saving-budgeting/ways-to-save-money#footnote-1) #### **Disclaimer** *The material provided on this website is for informational use only and is not intended for financial or investment advice. Bank of America Corporation and/or its affiliates assume no liability for any loss or damage resulting from one’s reliance on the material provided. Please also note that such material is not updated regularly and that some of the information may not therefore be current. Consult with your own financial professional when making decisions regarding your financial or investment management. ©2026 Bank of America Corporation.* ## What to read next [Saving & Budgeting Spending Analysis Tool Read, 2 minutes](https://bettermoneyhabits.bankofamerica.com/en/saving-budgeting/spending-tool) [Saving & Budgeting How to save money every day Read, 4 minutes](https://bettermoneyhabits.bankofamerica.com/en/saving-budgeting/how-to-save-money-tips) - Introduction - [How do I start saving money?](https://bettermoneyhabits.bankofamerica.com/en/saving-budgeting/ways-to-save-money#how-do-i-start-saving-money) - [How do I save money on a tight budget?](https://bettermoneyhabits.bankofamerica.com/en/saving-budgeting/ways-to-save-money#how-do-i-save-money-on-a-tight-budget) - [What kinds of savings goals should I set?](https://bettermoneyhabits.bankofamerica.com/en/saving-budgeting/ways-to-save-money#what-kinds-of-savings-goals-should-i-set) - [How do I grow the money I'm saving?](https://bettermoneyhabits.bankofamerica.com/en/saving-budgeting/ways-to-save-money#how-do-i-grow-the-money-im-saving) - [Are there easy ways to save money?](https://bettermoneyhabits.bankofamerica.com/en/saving-budgeting/ways-to-save-money#are-there-easy-ways-to-save-money) - [FAQs about saving money](https://bettermoneyhabits.bankofamerica.com/en/saving-budgeting/ways-to-save-money#faqs-about-saving-money) ### Related content -  [Saving & Budgeting Your guide to creating a budget plan Read more, 12 minutes](https://bettermoneyhabits.bankofamerica.com/en/saving-budgeting/creating-a-budget) -  [Saving & Budgeting How to set realistic financial goals Read more, 5 minutes](https://bettermoneyhabits.bankofamerica.com/en/saving-budgeting/setting-and-achieving-financial-goals) -  [Saving & Budgeting How to prioritize your savings goals View infographic, 2 minutes](https://bettermoneyhabits.bankofamerica.com/en/saving-budgeting/learning-to-save) -  [Saving & Budgeting Tools that help make saving simple Read more, 2 minutes](https://bettermoneyhabits.bankofamerica.com/en/saving-budgeting/simple-saving-tools) ## Contact Us We're here to help. Reach out by [visiting our Contact page](https://www.bankofamerica.com/contactus/contactus.go) or schedule an appointment today. [Schedule an appointment](https://secure.bankofamerica.com/mycommunications/public/appointments/getTopics.go?marketingCode=BMHSS_ECBBA&comment=Better%20Money%20Habits%20I%20am%20interested%20in%20discussing%20my%20savings%20and%20budgeting%20goals) Mobile Banking requires that you download the Mobile Banking app and may not be available for select mobile devices. Message and data rates may apply. The Spending & Budgeting tool is currently available to clients with a personal checking or savings account, credit card, a linked Merrill investment account, as well as a Small Business checking or savings account. Fees apply to wires and certain transfers. See the [Online Banking Service Agreement](https://www.bankofamerica.com/serviceagreement) for details. Data connection required. Carrier fees may apply. 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## Simple ways to save money for the future The best way to save money is to have a plan. These steps can help you create one. Read, 11 minutes Sometimes the hardest thing about saving is just getting started. This guide on how to budget and save money can help you develop a simple and realistic strategy that meets your needs. **Begin with expense tracking.** The first step to start saving money is figuring out how much you spend. Keep track of all your expenses—that means every coffee, household item and cash tip, as well as regular monthly bills. Record your expenses however is easiest for you—[a simple spreadsheet, free online spending tracker or app, or even pencil and paper](https://bettermoneyhabits.bankofamerica.com/content/dam/community/lessons/steps-to-start-a-small-business/en/resources/bmh-erc-smallbusinessworkshop-personalbudgetworksheet-ada-approved.pdf). Once you have your data, organize the numbers by categories, such as gas, groceries and mortgage, and total each amount. Use your credit card and bank statements to make sure you’ve included everything. TOOLS FROM BANK OF AMERICA For easier budgeting or to analyze your spending, use the Spending & Budgeting tool in Mobile & Online Banking. **Make savings a monthly expense.** Now that you know what you spend in a month, you can begin to [create a budget](https://bettermoneyhabits.bankofamerica.com/en/saving-budgeting/creating-a-budget). Your budget should show what your expenses are relative to your income, so that you can plan your spending and limit overspending. Be sure to factor in expenses that occur regularly but not every month, such as car maintenance. Include a savings category in your budget and aim to save an amount that feels comfortable to you. Plan on eventually increasing your savings amount to up to 20 percent of your income. **Economize on wants.** If you can’t save as much as you’d like, it might be time to cut back on expenses. You can get ideas on where to cut by seeing [how your spending compares with everyone else’s](https://bettermoneyhabits.bankofamerica.com/en/saving-budgeting/average-household-monthly-expenses). First identify nonessentials, such as entertainment and dining out, that you can spend less on. Then look for ways to reduce your fixed monthly expenses, such as your car insurance or cell phone plan. Other [ways to save money every day](https://bettermoneyhabits.bankofamerica.com/en/saving-budgeting/how-to-save-money-tips) include: Search for free activities Use resources, such as community event listings, to find free or low-cost entertainment. Review recurring charges Cancel subscriptions and memberships you don’t use—especially if they renew automatically. Cook your meals Plan to eat most of your meals at home, and research local restaurant deals for nights that you want to treat yourself. Wait before you buy When tempted by a nonessential purchase, wait a few days. You may realize the item was something you wanted rather than needed—and you can develop a plan to save for it. **Use goals to make saving meaningful.** Working toward [specific goals](https://bettermoneyhabits.bankofamerica.com/en/saving-budgeting/setting-and-achieving-financial-goals) can be one of the most effective ways to save money because it puts a reward or accomplishment in sight. Start by thinking about what you might want to save for—both in the short term (one to three years) and the long term (four or more years). Then estimate how much money you’ll need and how long it might take you to save it. **Common short-term goals:** Emergency fund (three to nine months of living expenses), vacation or down payment for a car **Common long-term goals:** Down payment on a home or a remodeling project, your child’s education or retirement An if/then plan is an exercise that can help you reach your savings goals. It helps you anticipate potential obstacles and then plan specific actions to address them. [Here’s how put one together.](https://bettermoneyhabits.bankofamerica.com/en/saving-budgeting/if-then-planning) Set a small, achievable short-term goal for something that’s fun and goes beyond your monthly budget, such as a new smartphone or holiday gifts. Reaching smaller goals—and enjoying the reward you’ve saved for—can give you a psychological boost, making the payoff of saving more immediate and reinforcing the habit. **Learn** [**how to prioritize your savings goals**](https://bettermoneyhabits.bankofamerica.com/en/saving-budgeting/learning-to-save) to gain a clear idea of how to allocate your savings. After your expenses and income, your goals are likely to have the biggest impact on how you allocate your savings. For example, a common budgeting question is whether to pay down debt, save or invest. [This interactive tool can help you decide](https://bettermoneyhabits.bankofamerica.com/en/saving-budgeting/pay-down-debt-save-or-invest). Or let’s say you know you’re going to need to replace your car in the near future. You could start putting away money for a new vehicle now. Just be sure to incorporate long-term goals, too. It’s important that planning for retirement doesn’t take a back seat to shorter-term needs. **Put your savings to work.** There are many savings and investment accounts suitable for short- and long-term goals. And you don’t have to pick just one. Look carefully at all the options and consider balance minimums, fees, interest rates, risk and how soon you’ll need the money. This information will help you choose the mix that works best for your goals. If you’re saving for retirement or your child’s education, consider: | | | | |---|---|---| | |  | FDIC-insured individual retirement accounts (IRAs) or 529 plans, which are tax-efficient savings accounts | | | | | |---|---|---| | |  | Securities, such as stocks or mutual funds. These investment products are available through investment accounts with a broker-dealer[1](https://bettermoneyhabits.bankofamerica.com/en/saving-budgeting/ways-to-save-money#footnote-content-1) | Many employers offer a number of [benefits that can save you money and help you save](https://bettermoneyhabits.bankofamerica.com/en/taxes-income/new-job-checklist). Chief among them are 401(k) plans, which allow you to make automatic contributions from each paycheck to a retirement plan. The contributions come out of your paycheck before taxes are withheld, and any investment earnings are not taxed until you withdraw them. A portion of each contribution is often matched by the employer. Other pre-tax benefits include Health Savings Accounts and Flexible Spending Accounts, which help you to set aside money for medical and child-care expenses. Almost all banks offer automated transfers between your checking and savings accounts. You can choose when, how much and where to transfer money or even split your direct deposit so that a portion of every paycheck goes directly into your savings account. The advantage: You don’t have to think about it, and you’re less likely to spend the money instead. Other easy [savings tools](https://bettermoneyhabits.bankofamerica.com/en/saving-budgeting/simple-saving-tools) include credit card rewards and spare change programs, which round up transactions to the nearest dollar and transfer the difference into a savings or investment account. TOOLS FROM BANK OF AMERICA See how you can transfer money with Mobile & Online Banking in a few simple steps. Review your budget and check your progress every month. That will help you not only stick to your personal savings plan, but also identify and fix problems quickly. Understanding how to save money may even inspire you to find more ways to save and hit your goals faster. 1. Remember that securities are not insured by the FDIC, are not deposits or other obligations of a bank and are not guaranteed by a bank. They are subject to investment risks, including the possible loss of your principal. [1\.](https://bettermoneyhabits.bankofamerica.com/en/saving-budgeting/ways-to-save-money#footnote-1) #### **Disclaimer** *The material provided on this website is for informational use only and is not intended for financial or investment advice. Bank of America Corporation and/or its affiliates assume no liability for any loss or damage resulting from one’s reliance on the material provided. Please also note that such material is not updated regularly and that some of the information may not therefore be current. Consult with your own financial professional when making decisions regarding your financial or investment management. ©2026 Bank of America Corporation.* - Introduction - [How do I start saving money?](https://bettermoneyhabits.bankofamerica.com/en/saving-budgeting/ways-to-save-money#how-do-i-start-saving-money) - [How do I save money on a tight budget?](https://bettermoneyhabits.bankofamerica.com/en/saving-budgeting/ways-to-save-money#how-do-i-save-money-on-a-tight-budget) - [What kinds of savings goals should I set?](https://bettermoneyhabits.bankofamerica.com/en/saving-budgeting/ways-to-save-money#what-kinds-of-savings-goals-should-i-set) - [How do I grow the money I'm saving?](https://bettermoneyhabits.bankofamerica.com/en/saving-budgeting/ways-to-save-money#how-do-i-grow-the-money-im-saving) - [Are there easy ways to save money?](https://bettermoneyhabits.bankofamerica.com/en/saving-budgeting/ways-to-save-money#are-there-easy-ways-to-save-money) - [FAQs about saving money](https://bettermoneyhabits.bankofamerica.com/en/saving-budgeting/ways-to-save-money#faqs-about-saving-money) Mobile Banking requires that you download the Mobile Banking app and may not be available for select mobile devices. Message and data rates may apply. The Spending & Budgeting tool is currently available to clients with a personal checking or savings account, credit card, a linked Merrill investment account, as well as a Small Business checking or savings account. Fees apply to wires and certain transfers. See the [Online Banking Service Agreement](https://www.bankofamerica.com/serviceagreement) for details. Data connection required. Carrier fees may apply.