No one wants to struggle.
As a college student living in New York City, the struggle has and will always be real.
Money goes faster than you can say jump. The expenses of food, bills, and extra variables consume the majority of our incomes.
Let me tell you, bills are real. Every time you swipe your card, poof goes the money. Every time you spend $10 on a burrito bowl at Chipotle, poof the money disappears again. Aren’t you tired of spending and not having anything saved in your bank account? I know I am.
For myself, I spend at least $40 a day just on Starbucks, Five Guys, and of course Chipotle!
Now I’m entering a new stage of my life called “Adulthood” and spending without saving isn’t cutting it anymore. So sadly, no more venti triple caramel lattes and Planet Fitness gym membership.
If you’re in the same boat as me, let’s figure out a plan to save more cash and increase our money flow together! Warning: You’ll have to live without chipotle.
Can You Pay Your Bills?
How many bills do you have? How many credit card payments do you have due at the end of the month?
If you don’t know, the problem is not just the incapability of saving; it’s also the lack of organization.
Organization is key to understanding how much you are spending and how much you actually want to spend.
So go get a piece of paper and pen, and compile a list of your monthly expenses. Now that you have the list and monthly totals, your saving journey can begin.
Also, compile a list of due dates to keep track of all bill due dates.
The first step into saving is going Cold Turkey. Yes, in order to save you’ll have to cut back on the precious little things you love.
Now that you have a complete list of your expenses, it’s time to choose what should stay and what should go.
Cutting back on variables which are not needed will only add zeroes to that bank account.
Focusing on your needs rather than your wants will put you in the right saving mindset.
You will begin to put your purchasing decisions under more scrutiny and reassess what is valuable in your life.
So the question is, do you really need to spend $60 on coffee a week, or those monthly spa treatments? Let’s question our actions. Let’s train our mind to save!
Are You Betty Crocker?
If you are going to go cold turkey one of the things that should be on the cut off list is eating out. Yes! That means no more late night runs to your favorite fast food restaurants instead have a lovely meal at home.
Cooking at home allows you to save a lot of money especially if meals are planned for the week. The supermarket is your new bff.
Check out your local grocery store (always think cheap and healthy).
You can cook simple meals like chicken cutlets with rice or a salad with grilled chicken.
Also, your favorite snacks exist in the grocery store as well, so no need to go the bodega. Become the master chef you are destined to be!
This tip is simple, drink more water.
Drink water for breakfast, dinner, and lunch.
Water is not only free in your home and restaurants, it’s also a healthy option compared to soda and other types of beverages. Let’s not forget, buying a case of bottled water also reduces your purchases of drinks while outside.
Of course, you may get tired of strictly drinking water and relapse but the end result will be even more beneficiary.
Healthy, and inexpensive: two of my favorite words to hear!
Mind Over Matter
Hello my name is Precious and I’m a shopaholic.
I like to buy big bags, gold accessories, and tons and tons of makeup.
Shopping is literally my life. I spend without even thinking.
Yet, that’s exactly where my problem lies. The unconsciously excessive spending is running a whole in my pocket financially.
If you’re constantly making impulsive purchases like me, or just overspend in general, we both need to practice a new technique called “Planned Purchases.”
Setting a weekly purchase list of needs eliminates the chance of overspending.
Plus, this new spending habit can increase your willingness and confidence in the art of saving.
Thus, the less you spend, the more confident you become in actual saving.
Remember when you were little and wanted a piggy bank for Christmas or your birthday?
The concept of saving money was the coolest thing in the world even though we barely understood.
Now as we all are reaching or in adulthood, maybe we should pay a visit to our old friend piggy.
Invest in a piggy bank and save money in a easy format that we’re familiar with.
Use the piggy bank for all coins as for every time you make a purchase and get change back, deposit it into the little bank.
When you reach the point of consistently saving your coins, ascend to saving dollars as well. For every purchase you make put a dollar into your piggy bank.
Utilize your piggy just like you did when you were young You already know the concept of saving, now apply it!
Are you ready to start saving now? Use these few tips to begin your journey of saving money and investing in your future. Remember patience and motivation is key. Okay! Go!