Saving more now can mean reaching your goals faster. How can you do it?

In order to reach your financial goals, you have to save enough on a regular basis so that the money can grow over time.

How can you find the extra cash in order to save more? Begin by looking at what you spend now. There are certain fixed expenses, such as mortgage payments, electric bills or commuting costs that you can't avoid. Then there are the variable expenses - clothing, travel, entertainment, etc. - where you may be able to find savings. Go through your checkbook and credit card receipts and make a list of your expenditures - some of the major categories are listed below.

Try to record out of pocket expenses for a week, as well. You might be surprised to learn how much of your paycheck is going to things you don't really need - the daily latte, the newest recording, gifts you don't need to buy. If you can save an extra $50 to $100 a month, you could be well on your way to financial independence.

How to save more

How much of your income goes to savings each month? Consider your contributions to your retirement plan, plus any regular savings programs you participate in. The best advice for saving is “pay yourself first.” Consider your savings a fixed expense, just like your car payments. Every month, put a portion of your paycheck into savings - or better yet, have the bank do it automatically. If you don't see it, you're not as likely to miss it. Experts suggest that you earmark at least 5 percent of your total gross monthly income for savings, if you can afford to.

Then look at your variable expenses. Where can you save? Do you eat out in restaurants often? Could you save money by bringing a bagged lunch? Do you give gifts that are more expensive than you can afford? Remember, every penny you save today can mean more when you really need it. Isn't it worth it to give up buying another pair of shoes in order to have a comfortable retirement?

Don't set spending limits that are too difficult to meet. You might get frustrated and give up your savings plan. Start with small items that are easy to do without. Once you've achieved success in one area, you can try to find other areas where you can pinch a penny or two

without feeling much pain.

Jason Anderson is an Auburn native and financial consultant with AXA Advisors.

He may be reached at 425-6340 or jason.anderson@axa-advisors.com

Fixed expenses

Rent/mortgage: $_____

Utilities

Taxes

Education/child care

Loan payments

Insurance premiums

Transportation

Savings

Variable expenses

Groceries: $_____

Eating out

Clothing

Medical (uninsured portion)

TOTAL:

Fixed: $----------

Variable: $----------

Auto/house repairs

Entertainment

Gifts

Miscellaneous expenses