SPEAKER: As everyone knows, the more you practice, the better you become. When you study often, you remember more, but when it comes to your money, are your practicing good habits with the same focus? Let's dive deeper into your financial fitness textbook. 

Look at your money. If you've ever had a job, full time or part time, you know that managing your money takes great decision making, and saving it is a fundamental habit to have. Start with these three steps to save. 

First, identify a goal. Goals allow you to better understand how you can change your behavior to achieve something you want. This could be for a car down payment or emergency fund. 

Second, have a savings account with a bank. This will help you place or park your money. Separating your saved money from your spending money will make it harder to make a careless purchase. 

Lastly, pay yourself first. You could try using the [? 50 ?] / 30 / 20 rule when paying yourself. 50% of your money is kept in your accounts for daily, monthly expenses and essentials. 30% of your money can be used to buy yourself things you may enjoy. 20% of your money should be in savings. 

Now, did you know that you may be able to take advantage of an interest-bearing savings account? Savings and money market accounts, as well as Certificates of Deposit, CDs, are available and could help you earn simple interest. Simple interest is money you earn on the original amount in your CD or savings account, sometimes called the principal. 

We've emphasized savings, but you must realize how much money is available to you on payday. The money you earn is your gross income. As you may know, paying taxes is an unavoidable part of earning an income. If you receive a gross income of $500, $1,000 or $50,000, you may not keep all of it. Workers pay federal and some pay an additional state tax, plus taxes to help fund government programs. 

So as you start earning income, keep your tax obligations in mind, and research the role of the Internal Revenue Service. Review your paycheck, and save accordingly. If you don't have taxes taken out of your paycheck, keep track of taxes you'll owe, or consult with a tax professional for advice. 

Your financial success story starts with a belief in yourself and what you hope to achieve. You've set personal financial goals and accomplished some of them. Just imagine how accomplishing all of your money goals will feel. 

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