Mint Guide to Saving

What is a budget?

Let’s start really basic. If you want to save money, you gotta have a budget: a plan you put together to make sure that all your spending stays on track and you don’t run out of money before you run out of month. You can get started with budgeting by following three simple steps. Identify where your money’s been going. Set goals on where to cut back. And track your spending to make sure you’re meeting those goals.

Long-term, short-term and in-between.

When it comes to setting those goals, it's important to think about the timeframe you have for saving and the stage of life you're in. If you’re saving for a vacation a few months from now, you’ll make very different choices than someone who’s saving for retirement 12 years from now. We’ve outlined those three timeframes -- Short-Term, Mid-Term and Long-Term -- in the pages that follow.

Saving rules of thumb.

There are a few rules of thumb that you should keep in mind. No matter what you’re saving for or what stage of life you’re in, your housing expenses shouldn’t exceed about 33% of your income. And your total debt payment (which ideally should be zero!) should rarely exceed 30%. If you’re spending more than that paying down debt every month, this guide is for you.

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Want to learn more? See our pages on Short-Term, Mid-Term and Long-Term plans for saving.