Bank Notes: How to start saving for real

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U. S. Bank logo, text, Bank Notes.

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[Music playing] Saving money doesn't have to be difficult. Here are three steps to create a savings plan you can actually stick to.

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Text, How to start saving, for real. Step one, identify a goal.

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First, identify a goal. This could be a down payment on a home or taking a big trip or starting an emergency fund. A specific goal will help you stay motivated to save.

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The months drop off a calendar as cash stacks pile up.

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Divide up the total amount you need into manageable monthly savings.

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Text, Step two, open a savings account.

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Next step. Open a savings account if you don't have one already.

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Coins drop in a jar marked "save" and go out of a jar marked "spend."

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Separating your Save money from your Spending money will make it harder to spend impulsively. Most banks actually limit the number of withdrawals you can make from your savings account each month. And there may be penalties for going over the limit. So you'll think twice before withdrawing from that account.

Step three. Pay yourself first instead of stashing away leftover cash at the end of the month.

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A check splits, half goes into the bank, the other half flies up.

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Each time you get paid, put a percentage of that money into your savings before you spend any of it. The easiest way to do this is to set up automatic deposits to your savings accounts.

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Checks fly to the bank.

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Research shows that people who set up direct deposits into their savings accounts tend to save more over time.

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Text, How to start saving, for real: 1, identify a goal, 2, open a savings account, 3, pay yourself first.

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Follow these three simple steps, and you'll start to make real progress towards your savings goals and set yourself up for a healthy financial future.

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