The first thing that should be done is to make a budget that covers the debts that are priorities in your life. Start with the main expenses, this would include:

Rent or mortgage
Utilities
Food

Next include the expenses that are a little less of a priority, this would include:

Car payments
Insurance
Entertainment
Other expenses

Finally you will add savings. At that point you may not realize how much you can set aside for savings, however by the time you are finished with this plan for savings, you will know.

After you have this budget set up, you will need to start tracking the spending that you and your family are doing. This means tracking everything, even little items like a cup of coffee.

Now with using a few creative purchasing tips and money saving hints you can see the money you will have to set up your savings fund. Remember that even $100 per month with a decent interest rate can bring you a retirement of several thousands of dollars.

Here are some tips and hints to help you save more money for your savings.

 When you go grocery shopping, be full and take a complete grocery list.
 Use your power wisely. Turn off items that consume power as often as you can, and keep the temperature of your house at a steady temperature. Leave your home a little cooler and keep on enough clothing to stay warm.
 Ride the public transportation system when you can; it saves on the pocket book and the ozone layer.
 Create meals at home rather than eating out. Also create meals that can use similar items for a couple meals.
 Use creativity when it comes to planning family activities, there are plenty of things you can do that will save you money.
 Make family lunches and use reusable containers to save money
 Purchase clothing basics that can be used for long periods of time.

Now that you have found the money you will need for savings, by being a little more spending conscious, you can decide what type of savings you want to set up. This will take a little research, but in the long run will be very beneficial to your financial future.

The sooner you start saving the better. You can choose from a regular savings, putting in a set amount every month in to a savings account that has about a 3% or better interest. You can also choose mutual funds that have a manager who chooses your investments for you, however the growth is sometimes questionable. You can choose your own stocks by watching the stock market and learning what pays more or in a more stable manner. You can set up IRAs or CDs.

With all the options your research will help you take the money you are now saving and invest it or save it to meet your savings needs.