What is the best Personal Finance 101? Should you wait until you have been saving for years before you start saving for your future? You should start with saving today and be wise in what you invest and when.

Overall, you will want to think about how much of your income you are spending on things like housing, utilities, insurance, food, transportation, and taxes. You should never have a huge percentage of your income going to these things, as those extra dollars could be put towards savings or investing. In fact, you can really lose your shirt if you spend more than half of your income on taxes, and housing alone.

The basic idea of personal finance is to begin with the day-to-day essentials. You need to make sure that your income has room to grow, and by finding the savings you can make on day-to-day items such as utilities, you will ensure that the money you do spend on the larger items does not go down.

Personal finance should also include eating out every day. You don’t need to go to the best restaurants in town, but you should be able to afford lunch once in a while, and you should be able to make sure you eat out at least twice a week. If you find yourself eating out less often than you used to, or eating out at only one restaurant, then you are most likely spending too much money on food. That money should be used elsewhere.

Do you shop at the grocery store or the supermarket? The grocery store is cheaper, but sometimes you can find things that cost two to three times as much in the store. It is up to you to decide what you want to spend on, and how much you are willing to spend. Many people are spending way too much on groceries, and they are getting poor value for their money.

Perhaps you live in an area where you are responsible for your own energy bills. By shopping at the grocery store rather than the energy supplier, you can save up to 25% off your energy bill. With a little research, you can also save even more. Check for coupons, and find discounts for products at both stores.

Saving money is the first step in building your personal finances, and this knowledge will allow you to set aside some money each month for day-to-day necessities, as well as to build your savings. By using the ideas outlined above, you can easily build up a nest egg to provide for your own family and to provide your children with a brighter future.

You don’t need to wait until you get rich. Get started today, and the steps are easy and simple, and you can build up your savings and personal finance into a solid nest egg.