DJ Khaled says managing your finances is the key to success. Or pancakes or something, I don’t really remember, but being on top of your finances is definitely up there. Major key.
It doesn’t take a ton of money to give yourself peace of mind when it comes to your day to day money management capabilities. With just a few cultivated habits, you can free up that nervous and anxious “paycheck to paycheck” energy and focus it somewhere more progressive then how you’re going to clear next month’s rent.
We’ve compiled just a few tips to help you on your way financial security! While these won’t be the be all and end all in your arsenal of money saving weaponry, they’re certainly a start.
1. Spreadsheets FTW
Whether it’s Excel or Google Sheets, spreadsheets can be instrumental, not only for clearly seeing the intricacies of your finances, but also for establishing quantifiable goals according to the data you collect.
2. Grownups have an emergency stash
And emergency is not defined as the vintage Chanel that just popped up on consignment. Emergency is when your car engine light comes on the same day your cell phone ends up in a wash cycle, because that’s the kind of stuff that happens in real life and always, always at the same time. If you put aside a few dollars every month to fall back on in the event of an emergency, it will take the injury out of the insult.
3. Service loyalty is dead
When your insurance renewal comes due, take 30 minutes to search for the best deal instead of blindly signing on for another year. When the competing cable company calls for an offer, you ARE interested. How could you possibly not be interested when you haven’t even heard the rates they’re offering? When your cell phone contract ends, leverage your new found free agent status for perks and rewards.
4. It’s not a deal if you never wanted it.
BOGO is only a good deal if you wanted one in the first place. 50% off True Religion jeans when you only left your house for Ben & Jerry’s ice cream isn’t saving $150, it’s spending $150. Don’t get suckered into spending your hard-earned money on things you never really wanted or needed.
5. Make a list. Check it twice.
On the subject of shopping, to stop yourself from impulse buys or splurge spending, make a list whenever you go shopping, whether it’s for groceries or a wardrobe refresher. You’ll save yourself the shock of an over the top Visa bill if you go into your spring shopping planning to buy 5 blouses, 3 trousers, 5 pairs of shoes, 2 bags, and 10 accessories. Make a list, and stick to it.
A few small changes implemented over an extended period of time and developed into positive spending and saving habits can make a world of a difference in both your bank account and your boss chick mindset!