Even if you open a savings account and draw out a clear budget, financial commitments and spending options make it hard to ensure that you save more money than you spend. However, there are simple, practical ways to start growing your savings account balance right away. Here are four steps you can start working on right now.

How to Successfully Save Money

1. Create a Spending Log

Record all of your expenses for a month. This includes a mortgage or rent payment, car note, groceries, and cell phone service. Don’t forget to include the money you spend eating at restaurants and buying clothing, as well as any other non-fixed costs. Once you’ve created the expense log, determine where you can scale back. Whatever amount is left over, commit to opening a savings account with the extra cash.

2. Make Automatic Deposits

Arrange to have a certain percentage of your paycheck automatically transferred into a separate savings account. You can start small and build if you get a bonus or salary increase. This puts your nest egg on autopilot, letting your savings grow month by month.

3. Set Personal Priorities

What are your short- and long-term financial goals? These can include saving for a long-overdue vacation next summer or growing your retirement fund. Set your priorities and determine how much and how long it will take to reach them. Track your savings milestones per week or month so that you can see how successfully your due diligence is paying off.

4. Consider Other Savings Growth Tools

Certificates of deposit (CDs) and money market accounts are other savings tools that may speed up your nest egg’s growth. They tend to offer more attractive rates and will typically require a higher minimum to open, compared to savings accounts. They offer a key advantage here, letting you kick-start your fund so that it increases in larger increments.

If you’re ready to take control of your savings account, see the professionals at First & Peoples Bank and Trust Company. Located in Russell, KY, this locally-owned community bank offers a range of products to help reach and exceed your savings goals. For your convenience, they operate branches in Russell, Flatwood, Greenup, and South Shore. Branch and ATM directions are available online, and you can call (606) 836-0211 to learn more about their services and policies.