Poor personal finance management can quickly become a headache. As someone in their late 20’s, I know all too well the money rut game. Fortunately, I’m willing to part with some of my tips and tricks that I picked up along my rocky financial journey.
1 . Open a Savings Account
A savings account is a must, if you don’t have one, you should look into opening one. Banks such as Ally Bank or Wealthfront sometimes offer sign up bonuses for opening up a new savings accounts or high yielding rates so that your buck can go further in the long haul. You may even be able to snag a “keep the change”account where banks will automatically add money into your savings.
2 . Make Use of a Budgeting App
Budget, Budget, Budget… There are so many apps available on the market that can help each and everyone of us set up a budget and face the reality of our spending. I find budgeting on my own quite tedious so I let apps such as Mint, PocketGuard and this is just to name a couple, do the heavy lifting for me.
3 . Get Rid of the Unnecessary Recurring Subscriptions
I am guilty as charged when it comes to signing up for subscription that made no sense to my wallet. Yes, get rid of that monthly shoe or nail polish subscription, that gym membership that hasn’t been used in eight months.. It’s unnecessary and quite frankly a waste of money, make every dollar count. You will be amazed at the difference in your wallet.
4 . Don’t Pay Full Price
New shinny things are fun to have but they are not always worth it, they can set you back more than you can discern at a glance. I am personally saving to buy a house hopefully next year and learning to control my spending habits on nice things has been rough. Thrifting has been my life saver, you can find so many gems at your local thrift shop without breaking the bank. I also like to shop the sale section, you would surprised what you can find for a fraction of the price.
5 . Cook at Home
I love eating and I use to spend a lot of money on good food. Cutting back on my restaurant visits multiple times a week has been a fairly difficult task to take on but it is one that has made the biggest dent in my savings goals. I am not saying to completely cut out a nice dinner here and there but if you are serious like I am about saving money, you should pick up a crock pot and some recipe books fast. Cooking at home not only saves you the bucks but you can also control what you are putting in your body. It’s money and health conscious.
I know saving money is easier said than done but a bit of discipline and commitment to reaching your long term goals will make a world of difference to your financial situation.
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