This article was co-authored by Ara Oghoorian, CFA, CFP®, CPA . Ara Oghoorian is a Certified Financial Accountant (CFA), Certified Financial Planner (CFP), a Certified Public Accountant (CPA), and the Founder of ACap Advisors & Accountants, a boutique wealth management and full-service accounting firm based in Los Angeles, California. With over 26 years of experience in the financial industry, Ara founded ACap Asset Management in 2009. He has previously worked with the Federal Reserve Bank of San Francisco, the U.S. Department of the Treasury, and the Ministry of Finance and Economy in the Republic of Armenia. Ara has a BS in Accounting and Finance from San Francisco State University, is a Commissioned Bank Examiner through the Federal Reserve Board of Governors, holds the Chartered Financial Analyst designation, is a Certified Financial Planner™ practitioner, has a Certified Public Accountant license, is an Enrolled Agent, and holds the Series 65 license. This article has been viewed 6,782,963 times.

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To save money, try to deposit between 10 to 20% of every paycheck directly into your savings account. If that’s not possible, prioritize paying back any debt you may have before spending money on entertainment or other luxuries. You can also make a budget to track where your money is going. Most budgets include categories like Housing, Food, Transportation, and Recreation, but create a set of categories that works for you. Track your expenses over a entire month to understand your spending habits, and look for areas where you could adjust your lifestyle to save money. For example, you can cut expenses by buying used instead of new clothing, reducing your energy and water use to lower your utility bills, and cooking at home rather than eating out. Remember, saving adds up -- small choices can have a big impact. To learn more from our Entrepreneur co-author, such as avoiding new debts, keep reading!