Need Free Financial Advice?
Look no further (well possibly do if you need serious help). Since I started working at the young age of fourteen, I have been extremely smart with my money. I will be graduating debt and loan free. This is not a bragging post (can I brag a little?) but the tips and tricks that have helped me financially!
1. Have a Savings Account
Maybe this one seems self explanatory to you, but not everyone uses their savings account if they have one. When I wasn't paying the bills I am paying now, I had an automatic transfer into my savings account that was taken every paycheck. So if you are still living at home and have the luxury to save, DO IT. Pick an amount that seems reasonable for you so that you do not have to access your savings account in-between paychecks. If you need to be more flexible, everytime you get paid, put some amount in your savings, even if it is $50. It's better to put in a reasonable amount, and then put in more at the end of the pay period.
2. Deny Yourself Access to the Savings Account
I can not access my savings account on my debit card which is great for those crazy shopping sprees! This will help limit your spontaneous spending.
3. Put Away Required Money
If you have the money to pay for things in advance, open a separate savings account for that money. I do this with my rent money. While I was working over the summer, I ended up putting away up to January's rent away. This works for expensive goals as well, such as traveling. Put the money away while you have it.
4. Stop Going Out!
Do not become anti-social, but limit your dinners out and the expensive bar trips. I have way more fun having coffee at my house with a friend, or having a board game night with a bunch of people. You can purchase liquor from the store instead of the jacked up prices from restaurants and bars. Along with this - don't buy things you don't need. Just for clarification, needs are water, food, clothing, and housing, not the new Iphone, not games from the Steam sale, and not that $70 sweater in all 5 colours.
Well I hope one or all of these money saving tips can help you. If you can save enough investing is another great option to make money.
- Vanessa xo
