Improve your financial fitness: Smart spending strategies to help you save big

Small changes can have a big impact when it comes to saving money. Create a budget plan to help reduce excess spending, pay down debt and/or accumulate savings. You can do this anytime, but especially after big changes like a starting a new job, buying a house, getting married or having a baby, it’s a good time to review your finances and see where they could use a little workout.

Your financial workout: Help decrease personal debt; increase financial stability, flexibility.

1. Assess your monthly spending
   Review pay stubs, statements, bills and receipts.
   
2. Record money in and money out
   Document income sources, expenses and other spending. Identify trends and areas for improvement.
   
3. Identify "wants" vs. "needs" spending
   Review your spending habits and prioritize. Develop a budget that covers necessities (mortgage/rent, utilities, groceries) and debt reduction first.
   
4. Look for opportunities to save
   Could you pay less for the same services by changing service providers? Are coupons available for your favorite grocery items? Are you paying for services you rarely use?
   
5. Pay down debt
   Pay new bills in full, on time. Set realistic payment amounts and time frames for paying off existing debt.
   
6. Save for "rainy days"
   Save now for unexpected expenses and long-term goals like buying a home, retirement or college tuition.
   
7. Treat yourself right
   Allocate a portion of your monthly budget for fun and entertainment – it will help you stay on track.