Okay, so life has these cycles or so I’ve heard. I have always been this person that pays the bills and spent literally EVERYTHING else. Like most of us, I have filet mignon taste but I’m on a burger budget right now. Savings has never been my thing, I mean until recently. I have changed a lot of things about my money mindset and the art of saving came first. It’s nice to get paid, pay your bills, get stuff you want, AND still have money for that rainy day. Managing your money is such a grown up thing to do and it does wonders for your peace of mind. Here’s a few things I’ve learned when it comes to money that have helped mold my new money mindset!
1. Make Saving Automatic
- Start Small! The amount is irrelevant when you’re starting out, set an amount that works for you and go with it whether it be $5 or $500 do what works for YOU
- Set up an auto draft – make it so that saving is a line item in your budget and happens automatically.
- Open an account that is strictly for saving. I call this my No Touch Savings! I have an online saving account with Ally Bank.
2. Remove the term “broke” from your vocab
- Don’t say it
- Don’t think it
- YOU WONT BE IT!
3. Know where your money is going!
- Create a budget or use a budgeting tool. I use Dave Ramseys EveryDollar.
- Try to track your spending in a particular area for 1 month. I went through my debit transactions for one month and saw that I had spent $300.22 on eating out! (wtf right?!) from that point on I started bringing a lunch to work and if I didn’t I’m on the dollar menu fa sho! Lol
- See what areas you can stand to cut back a little on try to put that extra money into your No Touch Savings!
Money is the root of all evil and the key to greatness. So, what tips and tricks to managing money are you guys using? Share in the comments or Tweet me or let me know on Facebook!