Building wealth is one of the hardest challenges among all Americans. Many people do not save money and live paycheck to paycheck, but saving money and building wealth is easier than you think.

Building wealth can be faster and easier if you learn how to save money. If you do not know how to save you can end up going broke, no matter how much you make. The first thing you need to know how to do is budgeting.

Budgeting is the act of breaking apart your paycheck into categories to spend on priorities and then for yourself. Start by taking your paycheck and setting aside 50% for the essentials such as housing costs, transportation, and food. Then set aside 30% .  This is your discretionary money to be used for things such as your cell phone, dinners out, entertainment expenses, and vacations. The last 20% is for your savings. If you have any debt, that is included here. It also includes money that goes into your emergency account because everyone should have at least $500 in an emergency account.

I hope this helps you start building some wealth to be able to achieve bigger and better things in your life.