MONEY DIARIES| MANAGING MONEY
Let’s talk Money. Now let me be clear I am no financial expert but throughout my college journey as I started working and making a few cha-chings I struggled a little bit, let’s just say that I wasn’t the wisest spender. I would save it, spend it and then look at my bank account a few days later and wonder where the heck did I even spend all my money. It was a vicious cycle my friend but as I am getting older the reality check hit me and it hit hard.
The whole concept of saving money is simple; spend less than you make. Much.Easier.Said.Than.Done.
I am still learning but I’d say I got a lot better at managing my money than before. I compiled the resources I used to better understand money, my spending, and saving. Here you go, cue “ $ave Dat Money” by Lil Dicky
Learning about Money
The Glamour Salary videos are one of my favorites to watch. Money is sadly still a taboo subject and these people share the two questions others are often scared to answer. How much they make and how they spend it
I used this to help me get in that habit of putting money away. Digit is like a savings account it cost $2.99 a month. It has a feature were it can round-up your expenses and also save small amounts throughout the month. Withdraws usually take 2-3 days to process so that helps with impulse purchases.
I always come back to EveryDollar for monthly expenses it helps you set up a budget. The free version is great (that’s the one I use)
Lessons I learned the hard way
Don’t make yourself think you have money
Usually, when you break up the cost of things you have to pay, you almost never have as much money as you thought you would have left. Do yourself a favor and pay all your important bills first.
Your savings should be a PRIORITY
Ok mini story time, here is what I used to do. I would say this month I am going to put X amount aside (I had all the intention to do so) until there was something I wanted to buy… of course and that’s where it went downhill.
I would convince myself that I needed it whatever item I deemed necessary to have. Say to myself that it only made sense to buy it this month because I would eventually get it anyway and I’d promise myself that next month I would start my savings for sure. Long story short I didn’t start saving. Even if it’s $5 dollars get in the habit of putting money aside
Don’t spread your spending across multiple cards
I found that when I used 4 different cards to regularly purchase different things I didn’t have a clear understanding of how much I was actually spending. Now I compile all my spending onto my credit card and pay it off twice a month. So I am building my credit but also keeping track of my spending
Don’t blame others for your financial situation
I know a lot of people tend to blame their parents or the school system for not teaching them how to be financially responsible but there comes a time where that responsibility becomes yours, and it becomes your job to educate yourself on these very important life skills.
For now these are the different things that I have been working for me, hopefully, this was helpful to you!
As Jay-Z once said, if you can’t buy it twice, you can’t afford it bitch…put your wallet away.