By Jennifer McDougall

No matter what your yearly income looks like, it’s always a good idea to save money where possible. For example, there could come a day when you need to replace an appliance, or you might want to take a family vacation with loved ones. If you prepare for a “rainy day,” you are less likely to be as overwhelmed by any financial burden as you would be without one. A rainy day fund starts by looking at your monthly budget, such as analyzing how much you spend on food, clothes, utilities, nights out on the town, etc.

Saving money with a purpose helps keep people focused on what they are saving for, motivating them to be disciplined in their budgeting practices. Ask yourself the simple question, “What do I need to save money for?” The answer could vary. As I mentioned above, it could be for a vacation or a backup fund if you need cash for a home appliance or car repair, pay off debt, or maybe the peace of mind in case you lose your job or your business takes a dive.

No matter why you choose to start saving money, what matters is that you start somewhere; you start today. You might be wondering how to get started. That is why we have these 10 tips to help you out.

1. Create a savings account with your bank and start out with a small goal in mind.
2. One or two days a week, avoid making unnecessary purchases for 24 hours.
3. Calculate your purchases by the hours worked instead of the cost of the items.
4. Unsubscribe from the company’s tempting marketing emails encouraging you to spend money at their store and any unnecessary auto-renewal services or products.
5. Chip away at paying off credit card debt each month.
6. Avoid making purchases just because the product may be on sale. If you do not need it, evaluate if it is really something you should spend your hard-earned money on.
7. Go generic regarding prescriptions and supplements and use coupons when you can.
8. Use less water and electricity at home to avoid paying extra money in utility bills each month.
9. When purchasing airfare, check multiple sites for price comparison to ensure you’re getting the best deal.
10. Don’t skip out on preventive healthcare appointments.