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Black woman putting money into savings jars

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There is no way around the connection between spending and saving money. In short, the less you spend the more you can save.

This idea seems simple, however, our dwindling savings accounts tell another story. Saving may not seem like a big deal now, but when we encounter unforeseen expenses the security found in a rainy day fund is priceless.

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However, what if you don’t have a savings account. Or the cash in it won’t do much towards paying a hefty bill from a mechanic. This is a tough spot to be in and it can happen to anyone without the proper preparation.

Get ahead of a financial crisis and ensure your successful financial future by routinely putting money aside. It can be every paycheck or once a month — whatever is convenient for you. The key is to remove those funds from your cash flow and to save them for a later date.

Saving isn’t necessarily easy, however, here are a few tips to help you spend less so you can save more:

  1. Create a budget. Saving money won’t happen without a plan. Putting together a budget is a great way to track the money coming in and going out.
  2. Cut back on unnecessary luxuries. Cable, shopping, and constantly eating out are all cash guzzlers. If you are serious about cutting back, take a look at what you and cannot live without.
  3. Ditch the credit and debit cards, instead pay in cash. Paying cash is a great way to make sure you don’t overextend yourself.
  4. Plan ahead. Create accounts for special occasions — like birthday presents, vacations, anniversaries, holidays, etc. Spend only cash allocated in advance.
  5. Limit your visits to the ATM. Frequent visits to the automatic teller add up. Make visits to the bank at once a week and only when absolutely necessary.

These simple tips will help you take control of your cash flow. Once less of your funds are going out, it’s time to save. Open a regular savings or money market account so you can to take advantage of competitive interest rates. Shop around and see what various financial institutions have to offer. It’s your money. It’s your future. Choose wisely.

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Millennial Money: How To Spend Less & Save More  was originally published on