How to Start Saving Money Today!
Here’s how to start saving money in just four simple steps: track your expenses, build your budget, cut your spending, and protect your credit.
Figuring out how to start saving money can be intimidating, but it doesn’t have to be a pain. With these four steps, you’ll be meeting your savings goals in no time!
Here’s What You Need to Do to Start Saving Money Today
1. Track Your Expenses
If you’re wondering how to start saving money, the first thing you should do is look at your expenses. Of course, if you haven’t been tracking your expenses, you won’t be able to do it easily at first.
Start keeping track of every penny you spend and what you purchase. You can either do this the old-fashioned way on pen and paper or try out an expense tracking app.
Once you’ve been tracking your expenses for a while, you can categorize them by their uses, such as groceries, gas or transportation, utilities, and leisure.
2. Build Your Budget
You’ll want to create a new budget each month that accounts for all your expenses. It’s imperative to do this every month because it allows you to reevaluate your budget regularly. Don’t forget to include annual and semiannual payments as needed.
Building your budget can get a bit complicated, but here are a few methods to get you started:
- Budget to Zero: Account for your entire income each month, but don’t necessarily spend it all. You’re here because you want to know how to start saving your money, after all. At least part of your budget should go to savings.
- 50/30/20: Spend 50% of your income on needs, 30% on wants, and 20% on savings. Some financial experts recommend dedicating just 10-15% of your income to savings, but if you’re concerned with how to start saving money, 20% will help you save faster.
- Cash Envelope: Label an envelope for each category of your budget. Withdraw cash for each envelope at the beginning of the month. Use this cash when making purchases for its corresponding category. Once the money is gone, you literally cannot overspend.
3. Cut Your Spending
Anyone who has considered how to start saving money knows that saving almost always means spending less. Luckily, now that you’ve got your expenses tracked and budget worked out, you can compare the two to find room for savings.
Here’s how to start saving money by cutting your spending:
- Identify Where You Are Overspending. If you’ve only allocated $300 to groceries each month but regularly spend $350, you know this is an area you need to work on cutting down.
- Purge Unnecessary or Excessive Expenses. If you just started tracking your expenses, you’ll probably find many unnecessary ones. Look at your purchase history and consider if you want to continue spending the same amount on the same things.
- Find inexpensive substitutes. Try generic versions of essentials like food and medicine. Opt to pack a lunch or eat at home instead of going out or getting fast food. Seek out similar substitutes whenever you can.
- Look for deals. When you need to make a big purchase, but it can afford to wait, buy it during a major sale. Cut coupons and use cash-back apps but remember that you’re not really saving if you spend money on something you wouldn’t have purchased otherwise.
4. Protect Your Credit
You’ve worked hard to build up your credit score, and you know it’s worth protecting.
Because your credit score determines your interest rates on credit cards, mortgages, and loans like auto and personal loans, having a high credit score can save you hundreds or thousands each year.
Boost your credit by keeping up with bills, only borrowing when necessary, and maintaining a healthy debt-to-income ratio.
When Disaster Strikes
Preparing for emergencies is a crucial piece of any financial plan. Financial experts recommend saving up enough to cover at least three to six months’ worth of expenses.
With these tips on how to start saving money, you’re well on your way to having the capacity to tackle any emergency. But what can you do if something happens in the meantime?
When you’re facing an emergency your budget can’t handle, you’ve got options. One option to strongly consider is a car title pawn from Georgia Auto Pawn, Inc.
What Is a Title Pawn?
Car title pawns are a short-term type of lending allowing you to use the value of your vehicle to get a loan. If you are at least 18 years of age or older and outright own a vehicle, you may qualify for a title pawn. Title pawns are a super-fast type of funding, plus, accessible to almost any one regardless of their income type and credit history.
Georgia Auto Pawn, Inc. won’t report your title pawn to credit agencies, allowing you to get up to $15,000 in cash without touching your credit score. Do you have bad credit or no credit? No problem. Georgia Auto Pawn, Inc. works with all credit types.
How to Get a Car Title Pawn from Georgia Auto Pawn, Inc.
For a title pawn, you’ll need to own a car, truck, or van with a lien-free title. “Lien-free” means that you’ve paid off your vehicle. You’ll also have to be at least 18 years old. If you meet those requirements, here’s how you can get a pawn from Georgia Auto Pawn, Inc. in just 30 minutes:
- Reach out to any of our store locations by phone or by using our online form. After filling out the form, you’ll soon receive a call back from one of our friendly representatives.
- During your phone call, our representative will confirm your information. They’ll also answer any questions you have about the car title pawn process and arrange an inspection at your chosen Georgia Auto Pawn, Inc. location.
- You’ll need to bring your state-issued ID, title, and vehicle to your inspection. A Georgia Auto Pawn, Inc. representative will inspect your car in just five minutes to determine how much cash you may receive.
- After completing the quick and easy Georgia Auto Pawn, Inc. approval process, you can leave with your vehicle, and the title cash will be deposited to your account the very same day.
Get Started with your Title Pawn Today!
With these four steps, you now know how to start saving money with confidence and make your savings dreams a reality. If an emergency tries to come between you and those dreams, remember that Georgia Auto Pawn, Inc. can help with a car title pawn.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.