When you’re in your twenties it’s hard to keep track of all this spending that you’re doing for the first time. Not even playing grocery store as a toddler could.
As a early twentysomething who is dealing with real time budgeting for the first time, the harsh reality of spending my money on something other than cute tops and iTunes. But I’ve quickly adjusted to the adult life and have found the best ways to save when you’re making less money than your parents.
I’ve compiled the five ways that ensure there’s always money in my bank account, and a little extra for when I need cute tops and iTunes.
Budgeting, the Millennial Way
Mint.com is the most beautiful budgeting tool I have ever used. Just input how much you allot for your monthly expenses ($1000 for rent, $200 for food, $45 for shopping, etc.) and as you do your spending it shows how close to your budget you are. And you can set bill reminders and alerts to make sure everything is paid on time. And what I like most about it? I can adjust each months budget and know exactly how much I’m spending when I add things like concert tickets or Uber into the mix.
2. Put it in savings
I get paid weekly and I have this goal of putting as much of my paycheck into savings as I can. When I get paid, I access how much is in my checking account and take out everything that I won’t be using in the next seven days. If I need to buy groceries, am going out to dinner on Saturday, and need to pay my electricity bill, I’ll leave the appropriate money in checking and put the rest in savings. Watch your savings grow!
3. Don’t use this week’s paycheck
Disclaimer, this works best if you’re paid weekly/bi-weekly, but the concept still applies. If I’m paid $500 a week and I only spent $350 of last week’s paycheck, I’ll try to limit myself to only spending $150 this week. This is in an attempt to keeping my spending fair and keeping more in savings. Of course, using this week’s paycheck is okay, but I like to see how crafty I get every single week.
Another amazing app that I discovered. Digit tracks your spending habits and sneakily takes away a few cents/dollars every few days and puts it in safe keeping. You’ll barely notice the money leaving your account and after a while you’ll see the huge savings! Currently I have $200+ in my Digit savings and I didn’t even notice until I checked last week. It’s a great way for people who struggle to save money, plus you can control how little or big it saves!
5. Give awards for not using misc. money
The best way to save money is to not spend it on silly stuff. That’s why I believe when you escape buying a miscellaneous item that you should be rewarded. When I don’t spend any extra money in the month I reward myself by taking an afternoon off and watching Netflix, or making myself a nice breakfast, or treating myself to something special the next month. Saving money means you should be able to enjoy yourself after the savings.
And that’s how I save money! Once you get started you’ll see how truly easy it is to keep those dollars in your account, while still having fun. If you want more tips, make sure to like this post.
Want to stay up to date with all of my crazy shenanigans, what movies I’m watching, and how to live the best life ever? Add me on Snapchat: PotatoesHegarty
Stay classy, Internet,
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