A lot of budgeting advice focuses on cutting back on expenses and limiting things that bring you joy, but there are plenty of budgeting tips that make saving easy.
Designing a basic budget for yourself is the first step, investing early is important, and be sure to automate the process where you can.
Learning how to budget isn't so hard, and it makes it easy to save money. Here are a few tips on how to save money in 2021.
Track your expenses
Track your expenses
Ridofranz / Getty Images
As they say at the gym, what gets measured, gets improved. Recording expenses is the first tip for saving money from Bank of America, and it makes sense. Saving money is partly about cutting down on major costs, but it's also about plugging all those little holes where money seeps out without you noticing. Make sure to review all your bank accounts, debit cards, and credit cards.
Automate savings and regular payments
Automate savings and regular payments
AndreyPopov / Getty Images
Whether you're socking away money for Christmas or saving over the long term, automatic withdrawals can help keep you to monthly or yearly savings goals. CNBC also points out that automating regular payments can help you avoid late fees.
Set up a retirement account through your employer
Set up a retirement account through your employer
Casper1774Studio / Getty Images
It may not initially seem like it matters whether you save on your own or through an employer, but if you're building up a retirement nest egg, it pays to go with the company 401k if your boss offers matching contributions, aka free money.
Keep the pandemic savings going
Keep the pandemic savings going
Fevziie Ryman / Getty Images
2021 may be the year you transition from lockdown mode at home back toward regular-ish life, but that doesn't mean you need to give up all the ways you've been saving during the last year. If you've already cut down on expenses at restaurants, movie theaters, and other entertainment venues, consider keeping to those restrictions in your own life.
Adjust your tax withholding
Adjust your tax withholding
Piotrekswat / Getty Images
According to USA Today, if you're regularly getting tax refunds from the IRS, it means you're withholding too much from your paycheck. Free up that money and invest it to start earning returns.
Get started as soon as possible
Get started as soon as possible
HAKINMHAN / Getty Images
Another tip from USA Today is to start saving immediately, instead of waiting until you clear up debt or have more cash available. The sooner you are able to start investing any money available, the sooner you start earning that compound interest. Saving is a long game.
Discover more money content on RADIO.COM
—Tipping etiquette: How much to tip in every situation
—How to track the status of your third stimulus check
—Do you have student loans? Here's how you could benefit from the new stimulus bill
—Here's how the $3,000 child tax credit works
—Celebs' first gigs: 11 surprising jobs stars had before fame
—The 10 most successful products on 'Shark Tank'
—How would a $15 minimum wage affect the economy?
—The 10 most affordable states, ranked by cost of living
LISTEN NOW on the RADIO.COM App
Follow RADIO.COM
Facebook | Twitter | Instagram
