If you’re ready to start saving but you don’t know where to begin, Ascend Federal Credit Union can help.

Let’s get started!

Step 1: Set a goal

What’s your secret (or not-so-secret) financial dream? Do you want to open your own business? Explore the sights and culinary delights of Italy? Buy a boat?

What are your long-term financial goals? Do you want to make your friends jealous and retire before you hit 50? Do you dream of sending your child to college?

Choose your goals and assign a target dollar value to each one.

When you really start saving, first prioritize building an emergency fund that has three-to-six months of living expenses. Thinking of your bigger personal goals now will help keep you focused.

Step 2: Start tracking your expenses andincome

You’re about to turn into one of those budgeting geeks.

For three months, keep a record of your expenses and all income. At the end of the three months, tally up your totals to figure out the average of each.

Step 3: Trim your expenses

If you find that your income exceeds your expenses by a fair amount, give yourself a high-five and skip to the next step.

If you spend more than you earn, or your numbers are too close for comfort, look for ways to trim your expenses, and save that extra cash.

Step 4: Create a budget

Don’t freak out — this isn’t as hard as it sounds. Just take your averages from step two and use them to designate a specific dollar amount for each monthly expense. Don’t forget to include savings in your budget!

Step 5: Choose your savings tools

It’s time to choose a place for your savings to call home. For long-term savings, look for an option that offers an attractive earnings rate, like a certificate.

Keep that emergency fund and other short-term savings in a Money Market account that allows you to make withdrawals if the time comes that you need it.

Step 6: Make it automatic

Is this the first time you decided to start saving? Yeah, we didn’t think so. Make this the time you actually carry out your plans by setting up an automatic monthly transfer from your checking account to your Money Market or savings account.

Need help with any of this or have questions? Ascend is here to help! Just visit your nearest branch or give us a call at 800-342-306. Now, go make that dream trip to Italy happen!