Need some useful steps for saving? AOD Federal Credit Union recommends the following:
- Before you can save money, you need to understand how you spend your money. One way to do this is to save all your receipts or write down all purchases for at least two weeks. Then group these into categories, such as entertainment, transportation, food, and gifts. Figure out how much you're spending each week, month, and year.
- Make a list of your income. Calculate what you make each week, month, and year.
- Then compare the two sides. Are you spending more than you're making? Or do you have money to spare?
- Next – make a plan. Decide how much you need to save each month to reach your goals. Look for ways to save, like brown bagging it for lunch, or cutting back on entertainment or clothing.
- Then put your plan into action. Take a look at the results. Do you have enough money to save for your goals? If not, make some adjustments and try again. Once you reach the first goal, review your plan and move on to the next goal.