Something me and my best friend were talking about the other day was the fact that almost everything in life you want to do requires money.
For me, that usually means the things that I aspire to: buying a house, building a business, making a career change, etc.
It’s a sad state of affairs, but there are ways to get to what you want, sometimes it just takes a little longer unfortunately.
A big part of what I am trying to also accomplish in life right now is financial independence. For me that’s not living paycheck to paycheck, having an emergency fund, having the funds on hand to travel when I want and to just be able to go into the store every once in a while without worrying about bills and just buy what I want, in moderation though people…keyword: MOD-ER-ATION!!!
Here are some money saving tips that have begun to help me on my journey to financial independence:
- Budgets. I know, I know, no one wants to hear the B-word but it helps! One of my cousins likes to call me El Cheapo *insert eye roll please* but I’m not cheap, I’m frugal, there’s a difference. When I am presented with the opportunity to do something, go somewhere or buy something I simply take the time to decide if it’s a priority and if it fits into my budget. A budget helps keep you aware of what you have in the bank to spend and what you don’t.
- Know your weakness. This is important simply because if you are aware of what you spend the most money on you can begin to spot that moment of card swiping, money dropping, mattress digging, or however you get to the money and try to stop. Knowing is half the battle right? Well the other half is having the sense to walk away. It’s not always life or death if you don’t have it and no, just because it’s on sale or you really, really, really want it does not make it imperative that you have it!
- Automate your savings. The best way I’ve been able to increase the balance on my savings account was to automate it. Every paycheck a certain amount is automatically sent to my savings account from my payroll company. So before my paycheck is emptied into my bank account, money is set aside and put into my savings account. You wouldn’t believe how much more I’ve been able to save by doing that, especially combined with the next item on my list.
- Online savings account. While it’s all fine and dandy to automate your savings it doesn’t help you if you see the balance growing and you can just hit a button in your app and it’s in your checking account in the same day. Out of sight, out of mind! It couldn’t be more true! If you’ve done your budget correctly, sending money to savings will not impact your other bills, maybe your social calendar, but not your bills. I have an online savings account, it doesn’t have an app for my phone and no bank branch to walk in to so I have to go through hoops to get that money out of there. At the thought of jumping through hoops and waiting days, yes DAYS to get the funds I usually decide it’s not worth it.
- Accountability partner. You need someone who is going to be that little voice in your head or the little person that taps you on the shoulder (y’all know I like my little people who help me out!). Or you can have an actual real person 😉 that tells you it’s probably not a good idea to spend that $800 in savings because the purse you’ve been dying to have is only $1000 for today only! Now if the person you are thinking of is in the same boat or a faster sinking one than you…chances are they are not going to be much help. Go for someone who isn’t scared to tell you no, who often skips drinks out or isn’t sale hopping every week. In other words, someone who is trying to save too or maybe you need a professional and should try a financial advisor.
- Discipline. This is probably the most important one! If you don’t have the discipline to stick to the plan, everything becomes difficult to complete. It may be hard to turn down that second drink at brunch or miss that clearance sale at your favorite store, but do it, you must! There’s no I think I can over here, it’s a I know I can type of mentality you have to adopt. The more disciplined you are, the easier it will be to meet those goals.
I know that was a long one, but these things have helped tremendously over the last few years.
Try a few and let me know if it helps! And if you’d like to see a little more explanation on any of them or help with them leave a comment or shoot me an email.