Saving money is a simple task, yet many people have difficulty doing this. The desire to start saving is there, but many people fail to follow through. What can be done about this? On many occasions, we are faced with a situation where we just do not have any extra money. Whatever the reason we need it for, there does not seem to be enough.

It is high time that people start saving some money, but often the big question is “How do we set saving goals… and achieve them?”

There are so many “how to save money” books and tips that are out in the market today. Books on budgeting abound in bookstores. The Internet has a lot of sites and blogs that give you tips on how you can put aside money for future use. Despite all these, people still have difficulty saving up.

How Should You Start?

Many are overwhelmed by the amount of advice that’s going around, but here we give you a few simple tricks to help you get started.

Set your goal. Why do you want to save? What are you setting aside money for? The reason you need to put a meaning to your actions is simple: It makes you more accountable for the money you are setting aside. It gives you a purpose, rather than just setting aside money for “something”. It makes it achievable and real as you can visualize what it is that you want. Knowing what you are saving for also helps you keep track of your progress, and it seeing it grow can give a certain sense of satisfaction.

Know how much you’ll set aside. By knowing what you are saving for, you’ll also know how much you need to be saving. Having a specific amount in mind gives you motivation to be consistent with saving your money.

Set a time frame. When you start saving money, give yourself a deadline. “I should have $xxxx in xxxx months.” Putting a time frame on your goal makes you more driven to fulfill it. Having no specific date makes room for procrastination, and it also makes you more susceptible to spending the money. Knowing what you are saving for and when you’re supposed to have it makes you less inclined to spend the money.

Set the amount and how often will you put money into your funds. Since you now know how much you need and when you need it, it’s time for you to calculate how much are you putting aside spread out on the time frame you’ve set. Most people who are starting to save are employed and get regular paychecks. The amount of money they set aside is calculated from their salary. The frequency of setting aside money is also dependent on this.

How much should you take from your salary? Do the math and set aside an amount that contributes substantially to your funds but still leave you with enough for your expenses.

When should you take this amount? This depends on when you get paid. Most people get paid on a monthly basis, so you can opt to deduct money and put it in your savings each month. Others choose to do it on a bi-monthly basis, which makes the load seem lighter. It doesn’t matter which you choose so long as it works for you.
To make it easier, ask your bank if they offer automated debit and transfer services from one account to another. That way, you can set your account to automatically move your decided amount to another account on a specific date. You do not have to worry about going to the bank to facilitate the transfer. Saving money seems like a daunting task, especially if you are starting from scratch. Many people are discouraged from pushing on, particularly when they feel that the amount they are trying to meet is too high.

Even with all these tips, a strong determination to succeed plays a big role in meeting those goals. Take the first step, and keep on going. Soon, you have established a habit of saving, and even without realizing it, you would have achieved the saving goals you have set for yourself. Happy saving!