5 Practical Tips to Start Saving Money Today (Even If You’re Starting from Scratch)
Simple and Actionable ways to Start Building your Savings Today!
Saving money can feel overwhelming, especially if you’re just starting out or you don’t have much. But here’s the good news: building a savings habit doesn’t require drastic changes or a huge income. In my new book, How to Save Your First Million, I break down simple, proven strategies for building financial security at any income level.
Here are five practical tips from my book you can start using today to take control of your money and grow your savings; no matter where you’re starting from!
Tip #1: Track Every Dollar You Spend
One of the simplest ways to start saving is by tracking your spending. It's like seeing your cashflow going in and out of your hands. When you know exactly where your money is going, you can make intentional choices about what to cut back on. Try using a spreadsheet or budgeting app to categorize your spending. From food to entertainment, every Naira counts!
If you are new to tracking and using spreadsheets seems scary, I have created a free, simple and editable spreadsheet to help you get started. Get it here
Examples of spreadsheets include Google Sheets (my personal favorite) or Microsoft Excel if that is more familiar to you.
For budgeting apps, I use Goodbudget or Piggyvest here in Nigeria; however if you are abroad, do your research and use the one best for you.
Tip #2: Set a Realistic Monthly Savings Goal
“The journey of a thousand miles begins with a single step” is a Chinese proverb that appears in Chapter 64 of the Tao Te Ching and is attributed to the Chinese philosopher Lao Tzu. When it comes to saving money, you should start with a small, achievable goal. Whether it’s 1k or 3k, committing to a specific amount each month can be incredibly motivating.
Once you reach that target, celebrate your win and then set a slightly higher goal for the next month. This creates a habit of saving that feels rewarding and sustainable.
Tip #3: Automate Your Savings
Automating your savings means setting up an automatic transfer from your checking account to your savings account every time you get paid. This way, saving becomes effortless, and you’re less tempted to spend that money. You can start small and increase the amount as you get comfortable
In How to Save Your First Million, there’s a story about Fidelis, who found success with an automated savings plan. By transferring a fixed percentage of each paycheck, he was able to save consistently without having to think about it, eventually building an emergency fund that covered six months of expenses.
Tip #4: Avoid Impulse Purchases by Waiting 24 Hours
Impulse buying can quickly drain your budget. To avoid this, use the “24-hour rule”: if you feel tempted to buy something non-essential, wait a day before making a decision. Often, you’ll find that the urge to buy fades, saving you money on unnecessary purchases.
This strategy helped me personally while I was building my own savings habit. When I started using the 24-hour rule, I realized how many things I didn’t need. That shift saved me hundreds over the course of a year, freeing up more money to put toward my bigger financial goals.
Tip #5: Take Advantage of Free Resources
Saving money doesn’t have to mean doing everything on your own. Look for free resources, like budgeting tools, financial literacy articles, or even community workshops on personal finance. There’s a wealth of information out there that can help you manage your money without any extra cost.
For everyone reading this, I’m excited to share that I’ll be releasing a free budgeting video and a customizable spreadsheet this month to help you track your money and stick to a savings plan.
Do these tips look insufficient? Let’s connect on Facebook, Instagram or LinkedIn
Make sure you join my email list to be notified once my free resources are out.
These tools are inspired by what I cover in my book, making it even easier for you to start saving today!
Conclusion
Saving doesn’t have to be complicated. Don’t sweat it. By tracking your spending, setting realistic goals, automating your savings, avoiding impulse buys, and using free resources, you’re already on the path to building financial security.
These are some of the same steps I cover in How to Save Your First Million, where I dive into even more strategies for saving effectively at any income level.
Grab a Copy Here
