Hello beautiful people! It's time for a little reality check. I've been very guilty of this so I am not exempt but I think it's important to have a reminder. You go to school, you work about thirty hours a week (if you're lucky), you pay for your phone, gas, maybe your car insurance and of course food. But what about your savings account? Have you set up an automatic bill payment? Does a certain percentage of your money go into savings or do you put fifty dollars a month in your account?
Or, are you like most of kids in our generation and don't save at all. If you fall under that catergory, I urge you to stop. You need to save. It's so easy to swipe your card and so easy to not check your account daily and spend frivolously. But you have to think about the future. The future is unknown. God forbid, that your parents may need help paying a bill or you unexpectedly get into a car accident and need to pay for the damages. Lately, I haven't been saving as much as I need to and whenever I go through the amount in my checkings I just do the easy thing and transfer money out of my savings. DO NOT get in the habit of doing that.
Step 1: Create a budget for yourself
It's important to write all your mandatory expenses for the month (phone bill, insurance, gas). Also, include money for food, some spending cash for when your friends are free and emergency cash for tricky situations. Once you create that budget, include how much money you may have left and how much you want to put in your savings.
Step 2: Be disciplined winner
For those who have a hard time-saving money throughout the month and are incredibly competitive. Make it a game and be strict with how you do it. For example, every paycheck with your budget amount aside, see how little you can spend and put the rest into your savings. Have fun with watching your savings account grow, and make it a habit to see how large it can get. Trust me, when you see your savings going into the thousands, just think of what that means. That's how much money you have to your name!
Step 3: Create a Bucket List
By step three, you're already in the habit of saving money every month and get excited when your paycheck comes because that means you can add more cash to your savings. At this point, it's time to create a bucket list. What do you want to do in life? Do you plan on buying your dream car someday? Traveling? Getting a studio apartment? Going to New York for a shopping trip? Whatever your dreams and desires are, write it down. Make it a conscious effort to picture how you're going to spend your money. With this in mind, you'll be excited to continue saving! In the end, you'll have a goal in mind, a large sum of money left over in your savings, and if any expected expenses come your way--you're set!
At the end of the day, saving is so important but so is treating yourself. Find the motivation to save, make it a game or even have a dream destination in mind. Save but don't forget to be happy. You don't have to go crazy but even a little thing like buying that fabulous purse online. Be strict, think of the future, save as much as you can and never forget your happiness is of the upmost importance.
XOXO
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