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Build an emergency fund. You never know what could happen. Financial experts suggest an emergency fund equal to three to nine months of expenses.
Establish your budget. Get a receipt for everything you buy, and stack them into categories like restaurants, groceries, etc. You’ll quickly see where your money is going.
Budget with cash and envelopes. Try the envelope budget system where you use a set amount of cash for most spending.
Don’t just save money, SAVE. Don’t just spend less; put the money you save into a savings account.
Save automatically. Every pay period, have your employer deduct a certain amount from your paycheck and transfer it to a retirement or savings account.
Aim for short-term savings goals. Long-term goals can be intimidating. People save more successfully when they keep short-term goals in sight.
Start saving for your retirement as early as possible. Few people get rich through their wages alone. Start saving for retirement now.
Take full advantage of employer matches to your retirement plan. Many employers will match a certain amount of what you save in a retirement plan such as a 401(k).
Save your windfalls and tax refunds. Every time you receive a work bonus, inheritance, or tax refund, put a portion into your savings account.
Save your loose change. Putting aside just 50¢ over a year will get you 40 percent of the way to a $500 emergency fund.
Use the 24-hour rule. Think over each nonessential purchase for at least 24 hours.