As a mom, I felt it was important to begin saving money from the time my children were born. I want to have a nest egg, in case anything happens and money is needed. For many people, saving money can be difficult. It takes time and effort to be able to create a savings account, but it can be done, no matter how much money you earn. Below is a small guide to help you learn how to start up savings for your family.

Evaluate Your Bills
To get started, you need to know how much money is going out. Write down every bill you have. Cable, utilities, house payment, insurance, etc. must all be noted. You will also need to take into account what you spend on groceries and extras. For one month, keep track of everything you spend. Or use your bank account statements to determine how much money you are spending for a month’s time frame. Once you have totaled this number subtract it from the amount of money you earn from work, plus any other source of income. Once this is done, see how much you have left. If you find you have a substantial amount left, consider adding this portion to a new savings account.

Find Ways to Cut Back
Your notes will also help you to learn how to cut back on what you are spending. If you find that you are having coffee each morning and spending around $30 a week, consider cutting back a few days or even every day. In one month, you would have $120 to add to your savings account if you quit buying coffee at a shop every morning. This would equal $1440 for an entire year of savings! Just from quitting coffee. You can easily find ways to cut back so that you can put more money into savings. If you have any services you are not using, such as a television service or other option, consider cutting this as well to save money. Or switch providers for a lower price.

Take on Side Jobs
If you really want to see your savings account grow, consider taking on a side job. Cut grass, rake leaves, babysit, even work at a local fast food restaurant to be able to earn extra income that can be placed in your savings account. Don’t overwork yourself but you can find ways to make extra money that can be specifically for your savings account.

Savings with Interest
Consider opening a savings account that can gain interest. Depending on the financial institution you use, you may find that your savings account can gain a great deal of interest or very little. You may be required to keep a certain amount in your account or add a certain amount each year to be able to keep the account open.

Be consistent, set goals
When you begin your journey to saving money, be consistent. Set a goal on how much you wish to save in a certain time frame and then work hard to do so. By setting goals, you will be able to have something to work towards and then feel proud of yourself for reaching that goal. Be consistent with the amount you put back each week for savings. Don’t slack off and you will see your savings account grow consistently over time.

These are just a few options that can help you start the path to savings. Consider how you can make changes in your spending habits to be able to begin saving money that can be placed into a savings account to be of benefit to your family.