5/21/2015

Saving money habits!

As we grow up our responsibilities get bigger. After college a new chapter in our life starts, new experiences, new people, new places. Growing up and becoming and independent woman means learning how to properly manage our money. It’s something lots of us need to learn because unfortunately not everyone is born with this feature.
Maintaining a saving not only ensures you can deal with any unforeseen, perhaps also allows you to plan that vacation you dream and not feel that “all your money goes to rent”.
This practice is the result of habit, if you get used, you will stop thinking about money as a temptation. Here I leave some recommendations that will lead you to gain a better savings account:

  • Think of it as a necessity. If you think about saving is for you saying goodbye to jeans, the morning cup of coffee or dinner every Friday, you’ll have trouble,  because it will feel like a sacrifice and not a necessity. All you have to do is consider a certain biweekly or weekly amount as part of youe “expenses” and automatically stop thinking that you have it and goes straight to saving.
  • Check your “ant expenses”, those who go without you noticing because they are “bucks”. A few days ago I started thinking how much I spend on ice cream a week, resulted the amount of $75, which means $300 a month or $3600 a year! If you add more, it will start hurting a little. Of course, don’t stop buying it, but now prefer to do it only twice a week or so if you resist.
  • If you get some extra money with which you didn’t count, DON’T leave running right to the mall to spend it! If you didn’t contemplated and didn’t need it, it’s better to save it or at least take a small part.
  • When you live alone it’s ocassionally able to cook up all day when you do not, you end up eating in restaurants or simply spending more than you could do if making your own meals. Try to cook for three or four times  week, gradually you will notice there are less trips to the ATM.
  • Since you are your own “housewife” it’s your turn to take care of the money, that’s why comparing prices is super important! Give yourself time to choose correctly where will you buy your pantry, either it’s a supermarket or a market stall which has the best prices on vegetables.
  • Living alone leads us to feel alone several times, some have a habit (bad habit) of runnikng out and shopping to feel better, WRONG! In situations like this, where emotions are included, we do not measure consequences, so you better call your best friend, sister or boyfriend (or girlfriend) and go to the movies, cofee or any other less expensive and dangerous plan. It works!

I also suggest making a chart to help you with your money management. Divide it like this:
    1. Monthly income (how much you make per month)
    2. Fixed monthly expenses (rent, electricity, water, pantry, credit card, etc.)
    3. Substracting the above, check the amount you still have available and choose how much you’ll be saving.
    4. Monthly total (this is the amount you can spend, not more but less)

    Managing your money is a very important habit even before you decide to become independent.




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          © Bere Garnica

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