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When looking for ways to save money, starting with a budget is the way to go. A budget outlines your various expenses in a given period of time versus the amount of your income, and the balance between the two. A monthly budget is probably the most useful to track your spending habits. In fact about 15% of spending can be lowered without much lifestyle change at all.

Just by writing down a budget you will be better prepared to understand where your money is going. Sometimes it is shocking how much money gets spent on useless items like Starbucks or eating out at lunch. Writing your budget down will help you see where money is being spent and establishes a guideline to look back on at the end of the month. A budget gives you reason to take action and propels you toward a life of financial freedom.