- When making a spending plan, know exactly what you are spending
- Look back over past credit card and bank statements.
- Try to save 10 percent each month.
ROANOKE – Many people make a resolution to save money.
When deciding you want to save, it is important to first look at where you are spending money.
CLICK HERE TO VIEW ALL 10 WAYS TO SAVE.
You will want to look back at your bank and credit card statements for the last six to twelve months to see exactly how much you are spending on things like housing food, entertainment and transportation.
"Sometimes, the reason it's so hard to stick to a budget, which I like to call a spending plan, is because they are unrealistic. We sit down to do that and we guess at what we're spending," said Tim Cerebe, Vice President of Community Development at Freedom First Credit Union.
According to Kiplinger, you spend about:
- 30 percent of your budget on housing,
- 15 percent on food
- 10 percent on utilities,
- 5 percent on entertainment, with
- 10 percent going into savings.