Do you save your money? Do you even know how? Many of us sailed through life without receiving even the most basic personal finance lessons. Then, before we know it--BAM!--we are adults and we do not even have the most basic concept of money management down. I have spent the last hour on the internet trying to find an resource for a friend of mine. I was looking for an article that would help him learn the basic concepts to saving money. I could not find one, so I thought I would write it myself.

The 1-2-3 of Saving Money

1. Get a job. I am being flippant, but really, you have to make money before you can save money. Find the highest paying job that you can get! Do not sell yourself short. Aim high, reach to the limits of your skill set. You can make more than you ever thought you could.

2. Pay Yourself FIRST. This is a concept that nearly all the personal finance gurus buy into. Anytime you receive money, you should put 10%-20% of it into a savings account. You should aim to develop an emergency fund that--hopefully--will grow to cover 3-6 months of your living expenses. But while you are learning to save money, you also need to eliminate and reduce your credit card debts.

3. Make your money work for you. There are a ton of great high-yield savings accounts that will give you a higher interest rate than traditional savings accounts at traditional banks. Research your options and educate yourself by using the great resources on the internet. Head on over to bankrate.com and compare savings accounts at different institutions.

Now, that was not that difficult of a concept, was it? The difficulty comes in implementing this plan. As with all financial decisions, you should first consider your own financial risks. If you are too deep in to debt or if you have too many past-due notices, than getting your accounts current might take precedence over developing and growing your savings. Before making any financial decisions, you should always consult with your financial adviser.

J. Richard Shanley has created an incredible debt reduction tool that can help discover the best approach to debt elimination. Head over to the TheDebtSlayer.com and buy it today. You can't afford to wait.

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