We are always looking for ways to save a buck here at NerdWallet. We’ve interviewed experts, run our own experiments and done research on it.
Turns out, small changes can add up quick. Let’s jump into ways to cut spending.
Budget money to become a saver
1. Create a budget
“Get a system in place so you don’t have to think too much about money,” said Durriya Pierce, a certified <a s free budget template is a great place to start, but a piece of paper works fine, too.
The 50/30/20 budget is a popular method: 50% of your after-tax income goes to necessities, 30% to wants and 20% to savings and any debt payments over the minimums. It’s flexible, so if you exceed these percentages, you can make adjustments or pick another budget system.
2. Set savings goals
Set a specific and retirement savings, tackling debt with extra payments or saving up for holiday gifts.
Use a savings goal calculator to see how much you’d have to save each month or year to reach your goal. Then, put your savings into a sinking fund, so you can easily track your progress.
