Saving money can be compared to a New Year's resolution. It's easy to say but harder to do.
It's no secret that saving money builds the foundation for your financial future and ensures long-term stability. However, despite the obvious reasons to save, people continually put it off and dismiss it with "I'll start tomorrow."
The problem is that every day you wait, the less time you have. Days turn into weeks and months quickly become years of lost money—and lost opportunity. Without savings, it's nearly impossible to meet long-term financial goals and achieve financial security.
To start saving today and to build for tomorrow's future, first understand that saving money doesn't depend on how much you make. It has everything to do with how much you spend. If you're not in control of your finances, meaning you have a significant amount of credit card debt and live paycheck to paycheck, then you need to start there.
Get your finances under control by keeping track of what you spend and where you spend it. Keep a log and slowly rid yourself of unnecessary purchases or excessive spending. In order to save, you have to spend less. Start small and work up to larger amounts—you'll be surprised how easy it can be.
Once you're headed down a penny-saving path, evaluate your goals and make a list of what your needs and priorities are. Whether it includes long-term goals such as a down payment on your first home, or a new car, or a short-term purchase like new furniture, figure out what you want and make a plan to buy it.
Next, establish a savings account so you're not tempted to spend the extra money in your checking account. Savings accounts allow you to easily deposit money and often you can quickly transfer money from one account to another. In many cases, you can set up an automatic withdrawal to your savings each month—it's like any other bill that is automatically paid. Another idea is to put any unexpected money into savings including bonuses, raises, and tax refunds. It allows your account balance to rise without spending any less.
Take the first step—and watch your money grow. As your savings build, you'll be hooked and motivated to save even more!