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See original · Share ###### Share a link to this question Copy link ###### Share a link to this question Copy link # How do I start saving money better? I was never really taught about Saving money or finances in general. I'm just really curious about it because I do not want to suffer later in life when it matters. [money](https://www.careervillage.org/questions/tagged/money) [financial-aid](https://www.careervillage.org/questions/tagged/financial-aid) [general](https://www.careervillage.org/questions/tagged/general) [money-management](https://www.careervillage.org/questions/tagged/money-management) [savings](https://www.careervillage.org/questions/tagged/savings) [Login to comment](https://www.careervillage.org/login/?next=) [Answer This](https://www.careervillage.org/login/professional/?next=/questions/679603/how-do-i-start-saving-money-better#your-answer) ##### Delete Question × Are you sure you want to delete this question? Cancel Delete ##### Flag Question × *** 9 *** ### 9 answers ##### Follow discussion × *** [](https://www.careervillage.org/users/183807/meli/) ##### Meli Rochi (She/her) Senior Specialist Employee Engagement & Events 1 Answer [Buenos Aires, Argentina](https://www.careervillage.org/places/san-francisco-ca-usa/) 1 Updated Dec 22, 2023 · Translate See original · Share ###### Share a link to this answer Copy link ###### Share a link to this answer Copy link ## Meli’s Answer To me there are three main important things to consider when saving, I call them "Th Golden Rules" 1- Know how much your spend (Track every single expenses you have , could be in an App or a spreadsheet). 2\. Set a saving target (Decide something that really challenge you to avoid useless expenses. A reasonable target is to save 40% of the money that enter to your personal economy). 3\. Maintain steps 1 and 2 along the time (Saving is all about maintaining a conduct, be respectful with the commitments you made and keep them.) \! Flag for review ##### Delete Answer × Are you sure you want to delete this answer? Cancel Delete ##### Convert answer to comment × Are you sure you want to convert this answer to a comment? Cancel Accept ##### Flag Answer ×  Meli, thank you\! [Noah](https://www.careervillage.org/users/196437/noah/) Apr 10, 2023  Translate See original ##### Delete Comment × Are you sure you want to delete this comment? Cancel Delete ##### Flag Comment × [Login to comment](https://www.careervillage.org/login/?next=) 1 [](https://www.careervillage.org/users/104701/melody/) ##### Melody Tharpe Education - Teacher 185 Answers [Indianapolis, Indiana](https://www.careervillage.org/places/san-francisco-ca-usa/) 0 Updated Apr 04, 2023 · Translate See original · Share ###### Share a link to this answer Copy link ###### Share a link to this answer Copy link ## Melody’s Answer Hi Noah, I am going to direct you to a website all about your question: https://www.ramseysolutions.com/relationships/teach-teenagers-about-money. This website is written for parents, but the information can help you as well. I can’t talk about financial goals without talking about the Baby Steps. Trying to decide what to do with your money can feel as overwhelming as choosing what to watch on Netflix. The first step to start saving money is figuring out how much you spend. Find ways to cut spending Once you are of legal working age, then you can get a job and start saving money Set savings goals ( how much to put away from each gift or earnings as well as your big savings goal of \$1000...) Be patient and be sure to follow your goals. \! Flag for review ##### Delete Answer × Are you sure you want to delete this answer? Cancel Delete ##### Convert answer to comment × Are you sure you want to convert this answer to a comment? Cancel Accept ##### Flag Answer × [Login to comment](https://www.careervillage.org/login/?next=) 0 [](https://www.careervillage.org/users/201240/sheila/) ##### Sheila Stevenson Office Manager 2 Answers [Plainfield, Indiana](https://www.careervillage.org/places/san-francisco-ca-usa/) 0 Updated Apr 10, 2023 · Translate See original · Share ###### Share a link to this answer Copy link ###### Share a link to this answer Copy link ## Sheila’s Answer First of all, it's ok to start small. You'll be surprised how a little bit adds up over time\! Setup automated contributions to a savings account or mutual fund account. It helps me to have a savings account at an online bank that is "out of sight and out of mind." Plan ahead for bigger bills such as car insurance and license plates. For example, if your license plates are \$120 (an easy math example), set aside \$10 a month for that bill. Then, when it comes due, you will already have the funds on hand to pay for it. Fine tune your budget as you go. \! Flag for review ##### Delete Answer × Are you sure you want to delete this answer? Cancel Delete ##### Convert answer to comment × Are you sure you want to convert this answer to a comment? Cancel Accept ##### Flag Answer × [Login to comment](https://www.careervillage.org/login/?next=) 0 [](https://www.careervillage.org/users/171367/daniel/) ##### Daniel Maynes Credit Manager 186 Answers [Dallas, Texas](https://www.careervillage.org/places/san-francisco-ca-usa/) 0 Updated Apr 04, 2023 · Translate See original · Share ###### Share a link to this answer Copy link ###### Share a link to this answer Copy link ## Daniel’s Answer Great Question Noah! I applaud you for asking/thinking about such an important question. Below are best practices that my wife and I practice. However, please know there are many other ways to save money and you need to find out what works best for you. 1\. Start a monthly budget on Excel. 2\. Document all your bank accounts, credit cards, savings, checking, 401k's, stocks, money markets, etc. (basically all accounts) 3\. Record all your monthly bills. House payment, car loan, water, gas, electricity, car/home insurance, grocery bills, medical etc. 4\. Do you best to stick to the 60/40 rule. Live on 60% of your income and save 40%. Its hard to hit this every month but try and make this the average for the year. 5\. Pay all your bills manually. Yes, this takes longer but it gives you a much better idea of how you spent your money and it stings a bit more when you have to pay it manually vs auto pay. If you spend to much eating out, on movies, games, etc. for a month that's ok. Just start over the next month and cut back. My wife and I realized we had spent way to much at Target one month and knew we needed to be more strategic about going shopping. We decided to write down all items that we needed and we stuck to that list unless it was an emergency. By doing this it helped cut back our Target expenses drastically the next month. This may sound counter intuitive but shopping online and sticking to a list is easier than sticking to a list at a store. You don't see all the options while shopping online vs seeing thousands of products at a store when you go shopping. We have found that we spend less shopping online vs. when we go inside a store to shop. I hope these tips help and good luck on the journey\! \! Flag for review ##### Delete Answer × Are you sure you want to delete this answer? Cancel Delete ##### Convert answer to comment × Are you sure you want to convert this answer to a comment? Cancel Accept ##### Flag Answer × [Login to comment](https://www.careervillage.org/login/?next=) 0 [](https://www.careervillage.org/users/180663/jennifer/) ##### Jennifer Warren Business Operations 3 Answers [Houston, Texas](https://www.careervillage.org/places/san-francisco-ca-usa/) 0 Updated Apr 04, 2023 · Translate See original · Share ###### Share a link to this answer Copy link ###### Share a link to this answer Copy link ## Jennifer’s Answer The earlier you start saving, the less you'll need to set aside every year to meet your goals. That's because you allow your money more time to grow -- the gains on your invested savings will build on the prior year's gains. That's the power of compounding, and it's the best way to accumulate wealth. A good rule of thumb to start is saving at least 20% of your annual salary. Another tip is to learn about Cash Flow Statements (google Cash Flow for Dummies the book). Cash Flow Statements are used for summarizing the amount of cash and cash equivalents entering and leaving a company – what you will learn is twofold first how every company operates (understanding the health of a company you may want to work for or invest in) and second how you can use the same basic Cash Flow Statement principles and apply them to your personal finances. The benefit to tracking your financials every single month using an Excel spreadsheet or an App is having a single view to study and understand where you need to adjust your financial plan. \! Flag for review ##### Delete Answer × Are you sure you want to delete this answer? Cancel Delete ##### Convert answer to comment × Are you sure you want to convert this answer to a comment? Cancel Accept ##### Flag Answer × [Login to comment](https://www.careervillage.org/login/?next=) 0 [](https://www.careervillage.org/users/200908/ekaterina/) ##### Ekaterina Aleshina EMEA communications Manager 4 Answers [Bratislava, Slovakia](https://www.careervillage.org/places/san-francisco-ca-usa/) 0 Updated Apr 04, 2023 · Translate See original · Share ###### Share a link to this answer Copy link ###### Share a link to this answer Copy link ## Ekaterina’s Answer I highly recommend to read the book for kids "A dog called Money" by the German author Bodo Schäfer - it's written for kids and young teenagers however the advices are extremely valuable for adults! There you will find the 50/30/20 rule which will help you divide any of your income into categories that make saving easy. The basic rule of thumb is to divide your monthly after-tax income into three spending categories: 50% for needs, 30% for wants and 20% for savings or paying off debt. By regularly keeping your expenses balanced across these main spending areas, you can put your money to work more efficiently. And with only three major categories to track, you can save yourself the time and stress of digging into the details every time you spend. \! Flag for review ##### Delete Answer × Are you sure you want to delete this answer? Cancel Delete ##### Convert answer to comment × Are you sure you want to convert this answer to a comment? Cancel Accept ##### Flag Answer × [Login to comment](https://www.careervillage.org/login/?next=) 0 [](https://www.careervillage.org/users/193769/kaitlyn/) ##### Kaitlyn Verdeyen Recruiter 6 Answers [Effingham, Illinois](https://www.careervillage.org/places/san-francisco-ca-usa/) 0 Updated Apr 04, 2023 · Translate See original · Share ###### Share a link to this answer Copy link ###### Share a link to this answer Copy link ## Kaitlyn’s Answer Hi Noah - Start saving as early as you can, even if it's \$100/month. I try to follow the 50/30/20 rule. That is, spend 50% of your income on needs (housing, food) and 30% on wants. The last 20% goes to savings (which can include your retirement account). To make it easy, I created a spreadsheet to start tracking what I was spending money on. It helped assist with adding up my monthly bills with the occasional expenses (like property tax, insurance, car repair, gifts, donations, entertainment, vacation, etc). Subtract your bills from your income and save the rest. I also found it helpful to set-up my paycheck to go into two accounts. For example, \$250 went into one account and the rest of the paycheck went into another. This way, your savings is out of sight-out of mind. You don't have the money in your checking, so you won't spend it. Good luck!\! \! Flag for review ##### Delete Answer × Are you sure you want to delete this answer? Cancel Delete ##### Convert answer to comment × Are you sure you want to convert this answer to a comment? Cancel Accept ##### Flag Answer ×  Thank you for the advice, Kaitlyn. [Noah](https://www.careervillage.org/users/196437/noah/) Apr 10, 2023  Translate See original ##### Delete Comment × Are you sure you want to delete this comment? Cancel Delete ##### Flag Comment × [Login to comment](https://www.careervillage.org/login/?next=) 0 [](https://www.careervillage.org/users/196036/adrian/) ##### Adrian Santos Marine Security Guard 160 Answers [Lome, Maritime Region, Togo](https://www.careervillage.org/places/san-francisco-ca-usa/) 0 Updated Apr 04, 2023 · Translate See original · Share ###### Share a link to this answer Copy link ###### Share a link to this answer Copy link ## Adrian’s Answer Saving money is an important skill that can help you achieve your financial goals. Here are some tips to help you save money better: Create a budget: Start by creating a budget that lists your income and expenses. This can help you identify areas where you may be overspending and make adjustments to your spending habits. Track your spending: Keep track of your spending on a daily or weekly basis. This can help you stay accountable to your budget and identify areas where you may need to cut back. Set savings goals: Set specific savings goals and create a plan to achieve them. This can help you stay motivated and focused on your long-term financial goals. Reduce expenses: Look for ways to reduce your expenses, such as cutting back on eating out, cancelling unnecessary subscriptions, or negotiating lower bills. Automate savings: Set up automatic transfers to a savings account each month. This can help you save money without even thinking about it. Use coupons and discount codes: Take advantage of coupons and discount codes when shopping for groceries, clothing, or other items. This can help you save money on items you would be buying anyway. Avoid impulse purchases: Before making a purchase, ask yourself if it is something you really need or if it is an impulse buy. Avoiding impulse purchases can help you save money in the long run. Remember, saving money is a long-term habit and requires discipline and consistency. By following these tips, you can develop good saving habits that will help you achieve your financial goals. \! Flag for review ##### Delete Answer × Are you sure you want to delete this answer? Cancel Delete ##### Convert answer to comment × Are you sure you want to convert this answer to a comment? Cancel Accept ##### Flag Answer ×  Thank you for the advice, Adrian. [Noah](https://www.careervillage.org/users/196437/noah/) Apr 10, 2023  Translate See original ##### Delete Comment × Are you sure you want to delete this comment? Cancel Delete ##### Flag Comment × [Login to comment](https://www.careervillage.org/login/?next=) 0 [](https://www.careervillage.org/users/200388/terrell/) ##### Terrell Holmes Compliance Analyst 16 Answers [Dallas, Texas](https://www.careervillage.org/places/san-francisco-ca-usa/) 0 Updated Apr 03, 2023 · Translate See original · Share ###### Share a link to this answer Copy link ###### Share a link to this answer Copy link ## Terrell’s Answer How do I start saving money better? That is a very good question, I would suggest some things as followed: 1\. Put your needs before you wants 2\. Avoid impulsive buying 3\. Invest money look a good investments 4\.Pay yourself first before anyone else 5\. Find ways to cut spending. 6\. Set savings goal 7\. Track your spending with a spreadsheet \! Flag for review ##### Delete Answer × Are you sure you want to delete this answer? Cancel Delete ##### Convert answer to comment × Are you sure you want to convert this answer to a comment? Cancel Accept ##### Flag Answer ×  Thank you for taking the time to help. [Noah](https://www.careervillage.org/users/196437/noah/) Apr 10, 2023  Translate See original ##### Delete Comment × Are you sure you want to delete this comment? Cancel Delete ##### Flag Comment × [Login to comment](https://www.careervillage.org/login/?next=) 0 ### Related Questions [What is being a remote worker like? For those you of doing remote work, what is is like overall? 1. What kind of work do you do? (contractor, employee, etc.) 2. In regards to work hours, is it more flexible compared to working on site? 3. How are you compensated? (salary, commission, etc.) 4. What is the earning potential of your work? 5. Do you enjoy it? Feel free to add more beyond the questions I've posted. 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### 9 answers *** [](https://www.careervillage.org/users/183807/meli/) Updated Dec 22, 2023 Meli’s Answer To me there are three main important things to consider when saving, I call them "Th Golden Rules" 1- Know how much your spend (Track every single expenses you have , could be in an App or a spreadsheet). 2\. Set a saving target (Decide something that really challenge you to avoid useless expenses. A reasonable target is to save 40% of the money that enter to your personal economy). 3\. Maintain steps 1 and 2 along the time (Saving is all about maintaining a conduct, be respectful with the commitments you made and keep them.) [](https://www.careervillage.org/users/104701/melody/) Updated Apr 04, 2023 Melody’s Answer Hi Noah, I am going to direct you to a website all about your question: https://www.ramseysolutions.com/relationships/teach-teenagers-about-money. This website is written for parents, but the information can help you as well. I can’t talk about financial goals without talking about the Baby Steps. Trying to decide what to do with your money can feel as overwhelming as choosing what to watch on Netflix. The first step to start saving money is figuring out how much you spend. Find ways to cut spending Once you are of legal working age, then you can get a job and start saving money Set savings goals ( how much to put away from each gift or earnings as well as your big savings goal of \$1000...) Be patient and be sure to follow your goals. [](https://www.careervillage.org/users/201240/sheila/) Updated Apr 10, 2023 Sheila’s Answer First of all, it's ok to start small. You'll be surprised how a little bit adds up over time\! Setup automated contributions to a savings account or mutual fund account. It helps me to have a savings account at an online bank that is "out of sight and out of mind." Plan ahead for bigger bills such as car insurance and license plates. For example, if your license plates are \$120 (an easy math example), set aside \$10 a month for that bill. Then, when it comes due, you will already have the funds on hand to pay for it. Fine tune your budget as you go. [](https://www.careervillage.org/users/171367/daniel/) Updated Apr 04, 2023 Daniel’s Answer Great Question Noah\! I applaud you for asking/thinking about such an important question. Below are best practices that my wife and I practice. However, please know there are many other ways to save money and you need to find out what works best for you. 1\. Start a monthly budget on Excel. 2\. Document all your bank accounts, credit cards, savings, checking, 401k's, stocks, money markets, etc. (basically all accounts) 3\. Record all your monthly bills. House payment, car loan, water, gas, electricity, car/home insurance, grocery bills, medical etc. 4\. Do you best to stick to the 60/40 rule. Live on 60% of your income and save 40%. Its hard to hit this every month but try and make this the average for the year. 5\. Pay all your bills manually. Yes, this takes longer but it gives you a much better idea of how you spent your money and it stings a bit more when you have to pay it manually vs auto pay. If you spend to much eating out, on movies, games, etc. for a month that's ok. Just start over the next month and cut back. My wife and I realized we had spent way to much at Target one month and knew we needed to be more strategic about going shopping. We decided to write down all items that we needed and we stuck to that list unless it was an emergency. By doing this it helped cut back our Target expenses drastically the next month. This may sound counter intuitive but shopping online and sticking to a list is easier than sticking to a list at a store. You don't see all the options while shopping online vs seeing thousands of products at a store when you go shopping. We have found that we spend less shopping online vs. when we go inside a store to shop. I hope these tips help and good luck on the journey\! [](https://www.careervillage.org/users/180663/jennifer/) Updated Apr 04, 2023 Jennifer’s Answer The earlier you start saving, the less you'll need to set aside every year to meet your goals. That's because you allow your money more time to grow -- the gains on your invested savings will build on the prior year's gains. That's the power of compounding, and it's the best way to accumulate wealth. A good rule of thumb to start is saving at least 20% of your annual salary. Another tip is to learn about Cash Flow Statements (google Cash Flow for Dummies the book). Cash Flow Statements are used for summarizing the amount of cash and cash equivalents entering and leaving a company – what you will learn is twofold first how every company operates (understanding the health of a company you may want to work for or invest in) and second how you can use the same basic Cash Flow Statement principles and apply them to your personal finances. The benefit to tracking your financials every single month using an Excel spreadsheet or an App is having a single view to study and understand where you need to adjust your financial plan. [](https://www.careervillage.org/users/200908/ekaterina/) Updated Apr 04, 2023 Ekaterina’s Answer I highly recommend to read the book for kids "A dog called Money" by the German author Bodo Schäfer - it's written for kids and young teenagers however the advices are extremely valuable for adults! There you will find the 50/30/20 rule which will help you divide any of your income into categories that make saving easy. The basic rule of thumb is to divide your monthly after-tax income into three spending categories: 50% for needs, 30% for wants and 20% for savings or paying off debt. By regularly keeping your expenses balanced across these main spending areas, you can put your money to work more efficiently. And with only three major categories to track, you can save yourself the time and stress of digging into the details every time you spend. [](https://www.careervillage.org/users/193769/kaitlyn/) Updated Apr 04, 2023 Kaitlyn’s Answer Hi Noah - Start saving as early as you can, even if it's \$100/month. I try to follow the 50/30/20 rule. That is, spend 50% of your income on needs (housing, food) and 30% on wants. The last 20% goes to savings (which can include your retirement account). To make it easy, I created a spreadsheet to start tracking what I was spending money on. It helped assist with adding up my monthly bills with the occasional expenses (like property tax, insurance, car repair, gifts, donations, entertainment, vacation, etc). Subtract your bills from your income and save the rest. I also found it helpful to set-up my paycheck to go into two accounts. For example, \$250 went into one account and the rest of the paycheck went into another. This way, your savings is out of sight-out of mind. You don't have the money in your checking, so you won't spend it. Good luck!\! [](https://www.careervillage.org/users/196036/adrian/) Updated Apr 04, 2023 Adrian’s Answer Saving money is an important skill that can help you achieve your financial goals. Here are some tips to help you save money better: Create a budget: Start by creating a budget that lists your income and expenses. This can help you identify areas where you may be overspending and make adjustments to your spending habits. Track your spending: Keep track of your spending on a daily or weekly basis. This can help you stay accountable to your budget and identify areas where you may need to cut back. Set savings goals: Set specific savings goals and create a plan to achieve them. This can help you stay motivated and focused on your long-term financial goals. Reduce expenses: Look for ways to reduce your expenses, such as cutting back on eating out, cancelling unnecessary subscriptions, or negotiating lower bills. Automate savings: Set up automatic transfers to a savings account each month. This can help you save money without even thinking about it. Use coupons and discount codes: Take advantage of coupons and discount codes when shopping for groceries, clothing, or other items. This can help you save money on items you would be buying anyway. Avoid impulse purchases: Before making a purchase, ask yourself if it is something you really need or if it is an impulse buy. Avoiding impulse purchases can help you save money in the long run. Remember, saving money is a long-term habit and requires discipline and consistency. By following these tips, you can develop good saving habits that will help you achieve your financial goals. [](https://www.careervillage.org/users/200388/terrell/) Updated Apr 03, 2023 Terrell’s Answer How do I start saving money better? That is a very good question, I would suggest some things as followed: 1\. Put your needs before you wants 2\. Avoid impulsive buying 3\. Invest money look a good investments 4\.Pay yourself first before anyone else 5\. Find ways to cut spending. 6\. Set savings goal 7\. Track your spending with a spreadsheet