A budget helps you monitor and track your financial progress. The most important part of your budget is updating and monitoring it regularly.

Build it in a format that works best for you – using a smartphone app, spreadsheet or simple notebook. Keep it in an easy-to-find spot to track your income, spending and saving as you go forward.

2. Set SMART Goals

The SMART acronym provides a strategy for reaching savings goals that are Specific, Measurable, Achievable, Realistic and anchored within a Time Frame.

As an example, depending on your specific situation, perhaps you can tuck away $20 each week to hit an annual savings goal of $1,000. Measure your progress each week and modify as needed. By keeping it SMART, you will more likely achieve savings goals when bite-sized amounts are saved over a realistic timeframe.

3. Manage Debt

Many people find it hard to save money when struggling with high credit card debt. The longer you carry large balances, more of your monthly payment is applied to interest and the less you have to tuck away in a savings account. You will save the most money by starting to pay as much extra as you can on your highest-interest debt first, and then once that’s paid off, move on to your second-highest interest debt, and so on. If you’re struggling to make a plan to repay debt on your own, there’s help! Working with a trusted national nonprofit like Greenpath Financial Wellness is proven to help people manage debt and jump-start savings.

4. Build Your Emergency Fund

A savings plan should include building an emergency savings fund to handle unexpected expenses and setbacks that can come up suddenly. A general rule of thumb is to set aside three months’ worth of living expenses in your emergency fund. This buys you some time if something were to happen. If that isn’t realistic for your situation, start with what you can. It’s most important to get into the habit of prioritizing your savings and to begin making progress. You don’t have to bite off the whole goal all at once.

5. Set it and Forget It

The most successful savers automate monthly deposits to make them as painless as possible. Decide how much you can put into savings and set yourself up with an automated transfer. Another good option is to automatically direct deposit a portion of your paycheck into savings every payday. Begin with an amount you can afford to put into savings and look at your big-picture plan to set your savings goals in the long term.

MEMBERS1st has partnered with Greenpath Financial Wellness to equip you with the tools you need for financial success. It’s free, confidential, and no pressure!