5 tips to help save money - WMC Action News 5 - Memphis, Tennessee

5 tips to help save money

(Source: WMC Action News 5) (Source: WMC Action News 5)

If you are having trouble saving money, you might be surprised to learn your friends could be the problem. We sat down with one of the Mid-South’s most successful credit counselors for advice you can take to the bank. 

Sherita Goodman works for First Tennessee here in Memphis. She is a credit counselor for Operation Hope and helped hundreds of people in the Mid-South boost their credit scores. Goodman said nothing can blow your budget like a friend who spends all their money with no plan and no budget. She says peer pressure to spend with your frivolous friends can have a negative influence on your plan to save.  

Goodman says don’t let your friends hold you back. She shared five steps to follow when you are really ready to save. 

  1. Create a budget.  It needs to be realistic and include everything you spend money on each month. 
  2. Start a savings account. It doesn't matter how much or how little you contribute each week or month, just make it a habit.
  3. Look into investing to maximize your savings. 
  4. Don't worry, you can still splurge--just be mindful when you do.
  5. Surround yourself with friends willing to help you with your savings goals.

Goodman said there's nothing better than having someone going where you are going and encouraging you along the way.  She said friends can help you save, rather than spend money on things you don't need. 

Goodman said it's a good idea to open up to friends about your savings plan. She said you'd be surprised by how many will say they need to be doing the same thing.    

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