The hardest thing about saving money is just getting started. Here is a step-by-step guide on how to save money with these 3 simple ways.


  1. Record your all expenses

The first step to saving money is to figure out how much you spend. Keep track of all your expenses that means every when buy chewing gum, a household item, and fruits. Once you have the list of your monthly expenses, organize the numbers by categories, such as entertainment, Home and utilities, and total each amount. Consider using your bank statements or Ecocash to help you with this.

  1. Make a budget

Once you have an idea of what you spend in a month, you can begin to organize your recorded expenses into a budget. Your budget should outline how your expenses measure up to your income, so you can plan your spending and limit overspending. In addition to your monthly expenses, be sure to factor in expenses that occur regularly but not every month, such as car maintenance.

  1. Plan on saving money

Now that you’ve made a budget, create a savings category within it. Try to save 10 to 15 percent of your income. If your expenses are so high that you can’t save that much, it might be time to cut back. To do so, identify nonessentials that you can spend less on, such as entertainment, and find ways to save on your fixed monthly expenses.
Tip: Consider the money you put into savings a regular expense, similar to groceries, to reinforce good savings habits.
Choose something to save for,  the best ways to save money is to set a goal. Start by thinking of what you might want to save for, perhaps you’re getting married, planning a holiday. Then figure out how much money you’ll need and how long it might take you to save it.
After your expenses and income, your goals are likely to have the biggest impact on how you allocate your savings. Be sure to remember long-term goals. It is important that planning for retirement does not take a back seat to shorter-term needs. Learn how to prioritize your savings goals so you have a clear idea of where to start saving. For example, if you know you’re going to need to replace your car in the near future, you could start putting money away for one now.
The views and opinions shared in this article belong to their author, cannot be construed as financial advice, and do not necessarily mirror the views and opinions of KA Magazine.