1Give the money a purpose
Choose a specific first goal, such as a buffer for an unexpected bill. The right amount depends on your own costs. The example above is not a recommended emergency-fund size.
2Find an amount that fits
Subtract bills, essentials and required payments from expected income. Start with an amount you can maintain. On a low income, covering essentials may leave nothing to save this payday.
3Choose when to set it aside
You can transfer it manually after pay arrives. If you use an automatic transfer, check your balance and upcoming bills first to avoid overdrawing the account.
4Check progress each payday
Count money actually set aside for this goal. If the deposit is too high, reduce the target or allow more time. Adjust the plan when income changes.
Try it with your numbers
Enter your target, existing savings and deadline. Get dated amounts you can review.
Plan your savings depositsFrequently asked questions
How do I start saving money on a low income?
Check essentials and payment dates first. Set aside a small amount only when it fits. If costs exceed income, review the shortfall before setting a savings target.
Does money left in my budget count as savings?
It is a planned remainder. Count it toward your goal only after you have actually set it aside and checked that upcoming costs are covered.
Further reading
CFPB: Building an emergency fund ↗Educational examples, not individual financial advice.