Interested in learning about saving your money?
It is single handily one of the most complicated things we all have to deal with every single day. If you’re anything like myself – You must’ve gotten overwhelmed or frustrated at some point. Thinking to yourself, “Why can’t I just save money!?” or “Where is my money going!?” Or “Why am I so broke all the time!?”. I am here to tell you, you are NOT alone.
If it weren’t for these 7 tips, I would never have gotten out of that seemingly never ending spiral of: get money, spend money, get money, spend money.
So I am here to share with you, my tips and tricks that I hold close to my heart – to help you with GETTING money and more importantly, KEEPING it!
Let’s dive right in.
Ask yourself the tough questions
How do you feel about money? Do you feel good about it? Do you hate it? When you come into contact with it – what is your first instinct to do with it? Do you hide it away and make sure it doesn’t see sunlight until you NEED it? Do you quickly think of all the ways to spend it – in fear that it will float away before it’s too late? I need you to think hard about this.
In order to fully understand how to take care of your money – you need to take the time to think about what in the heck does money even mean to you. Write it down if you have to. You need to hear it for yourself. Soak in these words: In order to GROW from it – you must IDENTIFY it.
Look at your spending & saving habits
When I first started out on my path to financial literacy – I was told again and again to write down every single thing I spent my money on in a little notebook.
Yeah, that probably lasted about a couple days. Let’s be realistic. What I find that works is looking at your online banking every morning and every night. I know, It might seem like a lot.
But really, It’s a quick glance to see what your money is doing. Spending money on your debit or visa is dangerous as it is because you do not feel that physical loss like you would with cash. The second that you tap your card on the machine – you are able to forget about it and walk away. That has to stop. You need to acknowledge the fact that money just LEFT your account.
The quicker you realize that and keep track of it – the harder it becomes to spend money in places you don’t need to.
* Pro Tip: Checking your account often will also help you minimize the chance of any fishy banking account business going on. If there’s anything happening, you can catch it ASAP.*
Cut any non-essentials out
This is a great time to look at everything that you do spend your money on. Really look at it and see where it’s going. Would you rather your money be going somewhere else? Time to do some cutting. Everyone has SOMETHING they are paying for but do not necessarily need. It’s time to hone in on it and cut ties.
Make a list of all your essentials
Take some time, maybe every single month and write down all the essential things in your life that you NEED to spend money on.
ie. Mortgage – + Car payment – + Groceries – _ and so on = __
Above anything else, you need to know this amount because it allows you to see how much money you need to put aside every month to survive. This is your base amount. You NEED to make this much money every month.
Set aside “fun” money every month
It’s important to set aside a certain amount of money that allows you to spend freely with no guilt for the month. This could be $100. This could be $300. Put aside the amount of money that you feel is necessary that covers all bases of what you would want to do. Ordering in. Going to the movies. Buying those nice smelling candles at the mall. Whatever you decide to do with that extra money, this is your freedom to do it. One catch – DON’T go over it. You put aside that money for spending so If you run out – that’s it.
Picture it as you giving yourself an allowance. Once you run out – the funding is done. This keeps track of how much your entertainment fund is – and it puts in perspective for you how much you spend. Rude awakening but it’s needed ! Soon enough, you will learn how to stay in your marker.
Save towards your goals!
Remember when I said to set aside your “fun” money? So let’s say that you have money left over even AFTER that (yay!). This is the perfect opportunity to start that savings fund. Determining how much money you have left over every month is a perfect opportunity to determine how much money you can set as a goal to reach.
For example, let’s say you find yourself having $345 left behind after your essential AND fun money was already set aside. PERFECT! Put aside that $300 to your savings account – and throw that $45 in your wallet. That’s for the spur of the moment coffee runs or those last minute buys here or there. This tactic saves the day every time – because yes, you put some money aside that you’re not touching BUT this will only benefit you in the end. I will explain in further posts just how important an emergency fund really is.
Congratulate yourself on your savings
Which brings us to the last most important tip. The fact that you are READING this article tells you enough right now about the type of person you are. You WANT to do this. The fact is, you WANT to gain more from your wallet. You WANT your money to work WITH you, not against you. Look at how far you have come – and how far you’re willing on going. I am proud of you, and it’s important to take the time to be proud of yourself. You are saving money like a pro! Woo!
PS. Reach out to me and let me know what you think about these tips and tricks on saving money! Have you tried any of them? How have they worked for you? Do you have any more to add that you’d want others to know? Comment down below or reach out to me on my other platforms! Love hearing from you!