Content

• Steps
• Part 1 of 3: Start Earning
• Part 2 of 3: Open a Savings Account
• Part 3 of 3: Change Your Habits

Making money and saving money isn't easy, especially when you don't have a natural talent for managing your finances and you have to pay off your debts. The ability to find a source of income is the first step in saving money and paying off debts. You also need to change your habits to avoid unnecessary spending and increase the amount in your savings account.

Steps

Part 1 of 3: Start Earning

1. 1 Look for a full-time job. The first step towards saving is looking for a full-time or part-time job. View potential options on websites and in newspaper ads. To get a job, you need to find a position that matches your qualifications so you can show your benefits.
   • To increase your chances of finding a job, write a competent resume and cover letter, taking into account the characteristics of the potential job. Then, applications should be sent out to several suitable vacancies. Evaluate your suitability according to your resume, experience and qualifications.
2. 2 Find a part-time job. If you already have a full-time job, but you don't have enough money, then you can find an additional part-time job. This could be a job with small demands, such as a waiter, bartender, or retail store employee. You can also take third-party orders for your main specialty. For example, a teacher can make some more money if he replaces other teachers or teaches classes at a different school.
   • If you want to find a part-time job as a waiter or bartender, you will need to take special preparatory courses. Find suitable private lessons or contact an employment center.
3. 3 Do one-off work. If you are having trouble finding a full-time job or income outside of your main job, consider the less obvious options. For example, you might be clearing snow from your driveways, mowing neighborhood lawns, or babysitting neighborhood children. Look for an easy part-time job that can become more regular — delivering weekly newspapers or caring for children.
4. 4 Turn your hobby into a source of income. Perhaps you love to crochet and make hats and scarves for your friends. Turn a hobby into a source of income: Open an online store to sell your products. You can also sell things at markets and fairs. Do what you love and earn.
   • Many small business owners started out with small sales with a limited number of products and sales only in an online store, especially if they themselves were involved in the production, advertising and marketing of their crafts. Create a store in addition to your main job until it becomes your main source of income.

Part 2 of 3: Open a Savings Account

1. 1 Pay off all your debts to start saving money. It will be easier for you to save by paying off all your credit card and other loans first. Pay off your debts every month and always try to pay off the maximum possible amount in order to close all debts as soon as possible and not pay fines.
   • You can set up automatic payments at the bank to repay the same amount every month. Regular payments will allow you to quickly and efficiently pay off your debts.
2. 2 Open a savings account with a bank. When the debts are paid, open a savings account with a bank. Talk to your bank employee about opening a savings account that can be funded every month without any fees. Some banks offer incentives if you deposit a certain amount every month.
   • Some employers allow you to immediately transfer part of your salary to a savings account. Discuss this possibility.
   • If you want to save yourself from wasting any savings, open a savings account with another bank. This will completely separate your checking and savings accounts so that you do not have the ability to transfer funds quickly.
   • You can also set aside a certain amount until the bills are paid. Transfer part of your salary to a savings account and only then make regular payments from your checking account. This way, you will always save money and will not be able to use it for unnecessary spending.
3. 3 Prepare to set aside a certain amount each month. Determine and maintain the minimum amount you need to deposit into your savings account each month. At first, it can be 5,000-10,000 rubles if you have a lot of different spending. As your income grows, strive to save more money and control expenses wisely. Set aside a substantial chunk of your income to keep your savings account growing.
   • Consider a funded pension option. It is formed at the expense of employers' insurance premiums and income from their investments. Paying monthly payments from your salary will supplement your basic insurance pension. The investment of future retirees' funds is managed by professional market participants.
4. 4 Use the accumulated money as an investment for future purchases. Saving money every month is not easy, especially when you are constantly tempted to buy new clothes or dine in a restaurant every night. Set a goal to make every ruble an investment in the future.
   • Choose a high-value purchase that you want to set aside money for, such as a home or a second education, traveling to another continent, or studying abroad. A clear goal will motivate you and help you fund your savings account on a regular basis so that you will eventually reward yourself for your efforts and conscientiousness.

Part 3 of 3: Change Your Habits

1. 1 Create and stick to a budget. If you don't have a budget yet, then it's time to create one. Determine the expenses you need and make sure your income covers that amount. This approach also allows you to save money because you can stick to the savings plan and not spend too much. The budget should include the following costs:
   • rent and utilities;
   • travel;
   • Food;
   • miscellaneous: car maintenance, school supplies, healthcare;
   • if you need to pay off debts, then indicate them in the budget as compulsory expenses in order to pay off as soon as possible.
2. 2 Start eating at home. Going to cafes or restaurants is a surefire way to waste money, so cut those expenses and start cooking at least breakfast and dinner at home. If you love buying coffee on your way to work, buy a carton of coffee beans and brew it at home. If you go to a cafe for lunch, then take food from home to save money. Even the smallest amount will add to your savings account.
3. 3 Make a shopping list before going to the store. Plan your meals for the week and shop for the grocery list so you don't have to take on anything extra. Buy all the ingredients to make two to three meals a day. It's also a good idea to choose a shopping day, such as Saturday or Sunday, when the farmers markets are open and you have plenty of free time.
4. 4 Buy inexpensive products and follow the promotions. Check out local stores and hypermarkets for specials. Choose inexpensive alternatives and shop for discounts.
5. 5 Put your change in the jar. No need to store small change in your wallet and jacket pockets. Start putting all the coins in the jar. Over time, you will have enough money to deposit into your savings account.
6. 6 Consider buying expensive items for at least 24 hours. If you want to avoid impulse purchases, then take your time and wait at least 24 hours before buying something expensive. Consider carefully whether you need such a thing and whether it is worth the money. This will allow you not to regret the amount spent and not overpay if a similar product can be found cheaper in other stores.
7. 7 Pay for purchases with a debit card or cash. It is better to pay for purchases and necessary expenses with a debit card or cash, so as not to get into debt. A debit card will allow you to keep track of your spending, and cash will clearly show how much you spend every day.
   • For example, you can withdraw a specific amount for groceries for the entire month, so that you can intelligently buy groceries later. This way you don't waste your money or go over budget.