Recently I’ve been thinking a lot about finances. Specifically as it relates to that of a budget. Now, personally, I’ve always been pretty good about managing my finances and my spending but, that being said, I believe this is one of those areas that could always use improvement.
As I was thinking through this I thought it would be a good idea to round up some of the advice I have collected over the last 2-3 years when it comes to budgeting for the working girl (or guy).
These are the 10 tips I’d like to share today
Only buy what you can afford
This one is the first one I want to share because although it sounds simple, it is so easy to look it over especially when it comes to credit cards. It can be so easy to just put things on your credit card because you have the option to pay it later but, more times than one this can lead to debt, which is never good.
Analyze your lifestyle and see where you can cut back
When I first heard about this I thought that it was a great idea because it’s honestly hard to know how much you really spend until you take a closer look. I did this and realized that I spend much more on shopping for clothing and shoes ? than I thought I did so, now, I’ve set a budget for myself to ensure I don’t overspend.
Set a budget for your weaknesses
Now, for me this would be shopping for clothing and for shoes. I’ve set a specific amount of money I will allow myself to spend each month. This has really helped me think before I spend, especially when I’m out shopping and my impulse is to just buy it because according to me (before really seeing how much I spend), I thought I didn’t spend much on clothing and shoes.
Reduce/cut back on the little things
Think about this one for a bit. What is one little thing you can cut back on that will save you money? Is it eating out one less time per week and instead just making yourself something at home? Is it making your own coffee or tea? For me, I decided to buy my favorite passion tea by the bottle instead of going to Starbucks a few times per week. This small move is going to save me at least $10-$15 per week. Now add that up for the year and see how much I’m actually saving by changing this small habit.
Now, if you’ve read some of my other blogs you know that I’m HUGE on goal setting. There are so many benefits to this but one of the most fun ones is that when you accomplish a goal it feels really good! In terms of finances, I would suggest coming up with a goal of yours, it can be going on a vacation, buying a new car or buying a cute purse and work towards that goal! You’ll feel incredible when you reach it and at the same time you will be treating yourself.
Reduce Distractions (AKA Don’t Follow Social Media That Will Tempt You)
Ok I realized that this was a problem for me so that is why I’m sharing it. Social media marketing is BIG right now and I’m sure I’m not the only one who gets all the curated ads on my social media feeds. If this is a problem for you, I suggest you try and reduce or unfollow accounts that tempt you to just spend money.
One good way to save money is to plan ahead. One of the biggest areas that is easy to spend a lot of money on is food. This can include regular meals, restaurants, snacks etc. Planning ahead in this area is very beneficial if you’re looking to save money. Other areas you can plan ahead for are shopping and trips (so that you don’t overspend).
Analyze Your Spending After Big Spend Days
I’ve personally started implementing this after every weekend (since I’ve noticed that is when I spend the most money). By analyzing where my money went I can tell whether the money spent was truly necessary. After I see what I spent, I can plan better for the following week and so on and so forth.
I started implementing this a few years ago (again especially when it comes to clothing). As you can tell, I’m always looking to save money but sometimes it’s worth it to spend a little more on pieces that will last many years. For me these pieces can include clothing items like jackets, jeans, shoes etc. By doing this, I’m not having to buy these type of items very often and in the long run I save money.
Learn and Inform Yourself About Finances
My last tip for you is to always learn and inform yourself about finances and different ways to grow in that area. As you probably already know, there is lots of information out there that will help you make the best decisions when it comes to money.
At the end of the day, my philosophy is to work, save but also enjoy the money you work so hard for. I hope these tips helped you think outside the box and improve your budgeting. It’s definitely something I work on each and every day.
Until next time,