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A study by Merrill Lynch found that women are more likely to have debt than men. This could be because women are more likely to use their credit cards and take on other types of loans. No matter the reason, it’s time to take action and create a better strategy for putting money away. If you’re struggling to save, you can use these tips to help.

Have a goal in mind

When you’re trying to save money, it can be challenging if you don’t have a reason why, especially if you’re prone to impulse buying. Brainstorm some reasons why you want to save money, and make a list of things you could do to reach your goal. Your reasons for wanting to save could be anything from having a healthy emergency fund to retiring early or even funding a vacation. The more concrete your “why” is, the more likely you’ll make smart choices that help you get to your goal faster.

Get organized

Make a budget and track your spending. This will help you see where you’re overspending and where you can cut back. If you’ve never used a budget before, here are a few tips for getting your first one started:

First, list all your expenses and categorize them (entertainment, groceries, transportation, etc.). Be honest about the things you like to spend money on, and don’t leave anything out. Next, list all the ways you earn income every month and the amounts you typically receive.

Once you have both your expenses and income mapped out, you simply ensure that there’s enough money coming in to pay for everything listed. If there isn’t enough money, you can either cut expenses or find new ways to generate income.

Pay off your debts now

If you’re currently in debt, you need to make paying it off a priority. It can be difficult to determine whether paying off debt vs. saving money is better when you have a limited income. Still, the amount of interest you’re accruing on your debt is probably much higher than any interest rate you’re getting on a savings account, so it should be a priority.

Diversify your investments

Women can increase their chances of earning a higher return and minimize the risk of losing money they invest by diversifying their portfolios. By spreading your money across many different asset classes (e.g., stocks, bonds, real estate), you’re less likely to experience a significant loss if something goes wrong with any one investment.

Shop smarter

When saving money is a priority, you need to actively think about optimizing your spending.  For example, if you can find cheaper alternatives to expensive household products, those savings can add up quickly. The same goes for groceries, clothing, and any consumables you need to buy often.

The bottom line

No matter your gender, it’s essential you understand the best ways to save your money. Follow any of these tips, and you’ll save money on your bills and have enough left over to invest for the long haul.