It’s a known fact that saving money can be hard. Spending less than we make is often cited as the most important personal financial goal. It helps us get out of debt, save for emergencies, and stash money away for retirement.

Sometimes the hardest thing about saving money is just getting started. Here are five easy steps to help you start saving today.

1. Set-up an emergency fund
   • The standard for an emergency fund is to have three to six months’ worth of living expenses stashed away before you can save for other goals. In the event that an unexpected emergency such as an illness or job layoff were to occur, you would have the funds available.
2. Forget the plastic
   • Limit yourself to only one to two credit cards and only use them for emergency situations. Try to pay off more than your monthly credit card balance each month.
3. Pay off debt
   • Take care of remaining debt by paying more than the minimum payments. Try to pay expenses early to save money in interest payments.
4. Determine your wants from your needs
   • Make a list of your expenses for each month. Determine which are considered “wants” and which are “needs.” Work to cut back on some of those wants each month e.g., dining out less, cutting back on shopping.
5. Plan by taking advantage of our easy-to-use financial calculators
   • Plan for the future by utilizing our financial calculators to help figure out things such as how long your money will last, how much are you spending, etc.

For more information about saving, contact a Catholic Financial Life advisor today - join.catholicfinanciallife.org/contact_advisor