ANNISTON ARMY DEPOT, Ala. -- It is never too early or too late to save, according to Isaac Chappell, a regional extension agent for the Alabama Cooperative Extension System, during his Feb. 19 appearance on The Morning Show.

"Budgeting is the basic tool to give direction to one's financial life," he said. "The key is commitment."

Chappell said each individual is different and needs to create an individual plan, based on their monthly income and expenditures, to establish saving habits.

Tracking income and expenses is the first step - knowing where money comes into your accounts and what it is spent on can help to differentiate the needs from luxuries, which can be easily turned into savings.

Then, Chappell recommended establishing a savings plan - setting a goal and scheduling bills occurring on a monthly or seasonal basis so nothing will be missed.

He said many people believe they need several hundred dollars in order to start saving, but saving really starts with small, everyday changes.

"You can start by doing simple things, such as saving your loose change," said Chappell.

Some of his tips include:

• Bring your lunch to work

• Eat out one less time each month

• Get generic medications

• Only use your bank's ATM

• Drink regular coffee instead of an expensive latte

• Raise the deductibles on your insurance policies

• Keep your car engine tuned and tires inflated

Automatic paycheck deductions can also be a tool for savings. Since these offer a way save money in a way that is not easily visible or accessible, most people never miss the funds.

"Most of us like to spend," said Chappell. "If it goes in our pockets, we will spend it. We like to impulse buy."

Chappell said it is possible to live debt free, but, for most people, it is more important to be smart about debt.

Knowing the difference between good debt and bad debt and how credit works are keys to setting financial plans in place and learning to stick to those plans.

He also recommended checking credit reports. Every credit agency is required by law to provide a free credit report once a year.

If you spread the reports out throughout the year - get the report from one agency in January, another in May and the last in September - it provides a complete picture without cost.

The week of Feb. 24-March 1 is America Saves Week and Alabama Saves Week. In honor of this time, Chappell and ACES are providing educational programs encouraging good savings behavior.

For more information, including a list of 54 tips for saving money, visit americasaves.org.