Financial Planning Methods: Top 7 Steps to Save and Make $2,800 per Month

Financial Planning Methods: Saving money is essential to living a financially stable life, and it is a goal many strive to achieve. With the right mindset and strategy, it’s possible to save money and make $2,800 per month. Here are the top seven steps you can take to effectively save money and reach your financial goals.

In this comprehensive guide, we will explore the top seven steps you can take to save money and make $2,800 per month. These steps will provide you with a blueprint for financial success, helping you navigate the complexities of personal finance and empowering you to take control of your financial future. So, whether you’re just starting on your financial journey or looking for ways to optimize your existing savings and investment strategies, these steps will serve as a valuable resource to help you achieve your goals.

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Print Out Last Month’s Statements

Gather all your bank statements, credit card statements, and any other financial records from the previous month. This includes checking accounts, savings accounts, and any investment accounts. Reviewing physical copies of these documents allows you to focus more intently on each transaction, ensuring that no expense is overlooked. As you go through the statements, take note of any recurring expenses, as these can often be areas where savings can be found.

Highlight Every Single Expense that was a “Want”

As you go through your statements, carefully consider each expense and determine if it was a “want” or a “need.” Be honest with yourself in this process, as accurately identifying wants is crucial for finding areas where you can cut back on spending.

Wants can include things like entertainment expenses, clothing purchases beyond necessities, dining out, and more. Don’t be too hard on yourself during this step; everyone has wants, and it’s normal to indulge occasionally. The goal is to recognize these expenses and understand their impact on your overall financial situation.

Calculate the Total Amount

Once you have identified and highlighted all of your wants, it’s time to determine the total amount spent on these discretionary items. Add up the cost of all the highlighted expenses to get a clear picture of how much money you are spending on wants each month. This figure is essential for understanding the potential savings you can achieve by making adjustments to your spending habits.

Next Month, Do This…

Armed with a better understanding of your spending habits, it’s time to implement changes in the upcoming month. Develop a plan that focuses on reducing your wants and reallocating those funds to savings and investments. Be realistic and flexible with your plan, as it might take some time to adjust to new spending patterns.

Reduce Your “Wants” by 50%

To make a significant impact on your savings, aim to reduce your spending on wants by 50%. This can involve several strategies, such as:

  • Cutting out or reducing the frequency of non-essential purchases, like new clothes or gadgets.
  • Opting for more affordable alternatives to luxury items.
  • Limiting the number of times you dine out or order takeout, and cooking at home more often.
  • Canceling or downgrading subscriptions and memberships that you don’t use frequently enough to justify the cost.

Remember that this is not about completely depriving yourself but rather finding a balance between enjoying life and achieving your financial goals.

Increase Your “Savings” by 25%

With the money saved from reducing your wants, commit to increasing your savings by 25%. You can achieve this by:

  • Setting up automatic transfers from your checking account to your savings account. This ensures that the money is saved before you have a chance to spend it on wants.
  • Creating a separate savings account specifically for your $2,800 per month goal. This can help you track your progress more effectively and stay motivated.
  • Periodically reviewing your savings strategy to ensure it aligns with your financial goals and making adjustments as needed.

Increase Your “Investments” by 25%

Lastly, allocate the remaining 25% of the money saved from reducing your wants to investments. This can involve several approaches, such as:

  • Researching various investment options, including stocks, bonds, mutual funds, and real estate, to find opportunities that align with your financial goals and risk tolerance.
  • Regularly contributing to retirement accounts, such as a 401(k) or IRA, to take advantage of compound interest and tax benefits.
  • Diversifying your investments to minimize risk and maximize potential returns.
  • Seeking professional advice from a financial advisor if you’re unsure about where to start or need guidance on creating an investment plan tailored to your specific needs.

By increasing your investments, you can potentially grow your wealth at a faster rate than simply saving the money in a traditional savings account. This can bring you closer to your goal of making $2,800 per month and help you build a more secure financial future.


In summary, each of these steps plays a critical role in achieving your goal of saving money and making $2,800 per month. By thoroughly examining your financial statements, identifying areas where you can cut back on wants, and reallocating those funds to savings and investments, you can create a solid financial plan that will set you on the path to success.

Remember that personal finance is a journey, and it may take time to adjust to new habits and routines. Stay committed to your goal, and don’t be afraid to seek help or advice when needed. By remaining focused and disciplined, you’ll be well on your way to saving money and making $2,800 per month.