AUTO SAVINGS

– Get into saving habit, what are you saving for? A new car? It can be difficult to set realistic goals and keep your spending under control. Whether you have a specific goal in mind or you’re simply saving for a rainy day, AMPC can introduce you to a number of strategies to help you save for your dream car!.

Have Budget Worksheets.
– To start with, let’s take a look at the Monthly Spending Worksheet and the Monthly Budget Worksheet. The spending worksheet will give you some ideas on the items which make up the expense section of your budget. The budget worksheet then combines these expenses with your income to determine the answer to the first question asked above – “a way of seeing if what you have to spend is hopefully greater than or equal to what you spend”.

Track and manage your Expenses
– Expenses may be more challenging to manage. Examples can be found on the Monthly Spending Worksheet. They can be classified as:
Fixed Expenses – such as rent and mortgage
Variable Expenses – such as food and groceries, and utilities and repair bills
Periodic Expenses – such as yearly or bi-annual car insurance.

Identify your expenses
– To begin the process use the examples given in the worksheets, add or remove items as they apply to your situation. Think about what you spent money on last year to remember expenses which may not show up in one month’s saved receipts. Remember any other money you can count as income such as tax refunds and divide it into monthly portions. At the end of this process, you will know how much money you have for discretionary spending each month. If you spend too much a month, you know that you will need to make it up in another. You will now have the security in knowing where your money goes and how much you can spend on extras without breaking your savings deposit.

» Spend some and save more.
– Practice the savings equation
INCOME-SAVINGS=EXPENSES