You might get discouraged when you see the results of your budget, especially if you only have a small amount of money left over once you calculate your expenses. Once you know the difference between your income and your expenses, you'll know how much money is available for saving.

So, if you have to, that means cutting back on things that shouldn’t be a priority over saving money. If you create a budget that's not realistic, you'll have little chance of following it.Īt the same time, you need to be spending less than you are taking in. Budget enough for groceries and entertainment. Then subtract your monthly expenses from this figure. You cannot save money if you do not know exactly how much money you have coming in and how much is going out each month.Īt the beginning of every month, estimate the amount of money that will flow into your household. You can save, at least a little, even if you feel that you have few dollars to spare. The good news is that saving money is not as difficult as you might think. If you do not have any savings, how will you handle losing your job or suffering a costly injury? The odds are, you'll run up loads of debt to cover these financial emergencies. Saving money, though, should be a priority. Moreover, it does not look like your income - thanks to the sluggish economy - is set to grow anytime soon. After all, you are barely paying your bills now. You know you need to save more money, but it seems impossible.

Monthly budget savings planner