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Saving Strategies: Steps for your Money

Saving Strategies: Steps for your Money

February 07, 2023

We are now into the second month of the year and you have had a chance to see if your New Year money habits are paying off. What if they aren’t?

Two of the biggest mistakes that people make is not saving at all or going to aggressive too quickly. They want to save money but often don’t know how they spend and can’t get an accurate picture of how to save.

Here are some actionable steps for you to take for your savings:

  1. Review your budget from last month

 Realistically, how much do you spend? What is left over? Pick a conservative number as your savings goal. Maybe it’s $20 a month. Better to start somewhere!!


  1. Automate


Whatever number you decide to save each month, automate it. If it’s too much work, you won’t do it. Make the transaction automatic.


  1. Put the money in the right place

Where should the savings go? It depends on your goals but if you don’t have an emergency fund, that’s a great place to start. Have an emergency fund? Then take a look at maybe maxing out your 401k. Got both of those? What are your other goals? Contribute to your Roth/IRA, think about long term purchases, vacations or projects. Lots of options so it’s important to have a clear idea of your goals.


There’s not one size fits all strategy but the most important thing for everyone is just to START. Even if it’s a very small number, every little bit adds up!