How to Save Money?

When it comes to their financial well-being, one of the biggest problems that many people face is how to save money. Nowadays, most people are spending out much of their moneys especially when they are midnight sales in malls christmas is coming up so what will you expect?more and more sales are right behind every malls. But try to figure it out be more practical in spending out your money,yes there may be jobs but these things are not permanent global economic crisis is still arising. Here are some tips on how to save money:

Step 1:

Make a Budget

1. Time Frame: Before you start your budget, you will need to decide on the time frame that you will use. Is yours going to be a monthly budget, a quarterly budget or a yearly budget? The most popular time frame is usually monthly (due to the fact that most bills come once a month), so that is what we'll use for this exercise.
2. Income: The first thing that you'll need to do when coming up with your budget is to figure out exactly how much income you have coming in. This should include your monthly salary (after taxes) and any supplemental income you may have coming in (from additional jobs, investments or other income sources). If you are in a salaried position, simply divide your yearly income by 12.
3. Expenses: Here is where things get interesting. Now that you've calculated how much money you have coming in each month, you'll need to figure out exactly how much you spend during the same period. While some expenses remain constant and are easy to figure out (Rent, Car Insurance, Car Payments, Phone & Cable Bills), others are not so easy to pin down. Expenses such as utilities, gas, food and entertainment may change from month to month, so the best way to figure them into your budget is to come up with a monthly average for each one. Over a three month period, keep a record of how much you spend on each of these things and then figure out, on average, how much you're spending each month. Add up all of these things to come up with a monthly total of your expense
4. Calculate the Surplus: Now that you've figured out your monthly Income and Expenses, you can start to determine how much you have left over for savings. Simply subtract your monthly expenses from your monthly income to find out how much surplus money you have coming in each month.
5. Keep Records: While writing out your budget on a piece of scrap paper once every year or so may seem like the easiest way to go, it is wiser to keep a continuing record of your expenses, income and savings somewhere that is permanent and can be easily updated.
   

Step 2: Start a Savings Plan
Set goals: The best way to figure out how much you want to save is to set specific monetary goals. If there is a specific thing that you are saving up for, start by calculating how much you will need to save in order to pay for it.
Keep Track of Your Finance: The best way to make sure that your savings plan is on track is to keep a close eye on your spending. This can include monitoring your ATM withdrawals, keeping a copy of your bank statements, collecting receipts from your entertainment spending and updating your budget to reflect changes in your income or expenses. Not only can this help you identify where your money is going, it can also keep you up to date on how much money you are saving.

Step 3: Open a Savings Account

• One of the most basic tools that you can use to help manage and further your savings goals is, of course, a savings account. Not only do savings accounts provide a safe, secure and convenient place for you to store the money you've saved, they can also (in certain instances) even help build your savings. If you don't have a savings account, it's time to set one up! If you already have a savings account, keep reading to make sure that you have the right one to meet your needs.

Conclusion:
Know when to spend your money and spend it the most important thing that you need. Be practical and Be wise in spending our your money.