Do you tell yourself that you’re going to save each month but end up spending all your money instead? If you have ambitious savings goals but fail to follow through every month, don’t give up. By taking small steps, you could see saving money start to come more naturally.

Here are some habits that could help grow your savings over time.

Set up an auto transfer

One of the best ways to save is to have a hands-off approach, where you let your bank account do the saving for you. Most banks have saving goals and automatic-transfer options. It usually involves setting a certain amount of money to be transferred to your savings account every month. This works especially well if you have a specific savings goal, such as a year-end trip or an item you want to purchase.

Plan, plan, plan

Simple rituals such as buying coffee every day can rack up large amounts of money you could be saving. Rather invest in good-quality coffee you can brew yourself. Also, budget all your expenses ahead of time. Instead of multiple shopping trips, make a list of all your monthly purchases and budget accordingly. This will help prevent impulse-buying items you don’t need.

Pay yourself first

Before spending your hard-earned cash or setting up a budget, move money to your savings account first. You can do this manually or with an automatic savings account. First decide on a certain amount of money that you’ll transfer to your savings account monthly. And only once that money is taken off should you create your monthly budget. 

Track your expenses

Record every cent that you and your family spend monthly. Keep track of all receipts, as well as credit and bank card statements, and list all your monthly purchases. Be aware of all your debit orders too, and remember to factor them in when drawing up your budget. You can write all of these down in a notebook or use money-tracking apps such as Wally.

Tuck your extra cash away

When you get a raise or an unexpected bonus or have some extra income from a side hustle, commit to putting some of it away. You could, of course, enjoy some of the extra money, but by saving some of the cash, you could reach your savings goals earlier.

The information in this article is for information purposes only and does not constitute professional advice.