Listen While Reading: The Woods // Hollow Coves.
You know that line in Breakfast at Tiffany’s when Audrey Hepburn says, ‘No matter what I do, there never seems to be more than 50$ in my bank account”? C’est ma vie, that is my life. Now grant it that was the 50s, so 50$ wouldn’t get you much these days but my problem is still the same, no matter what I do I never seem to have a decent amount of money in my savings.
I cannot even recall what all my money had been spent on, all I knew was that it was gone. I was never much for shopping, I have always been a thoughtful spender, that is when it comes to clothes, skincare, beauty, but once I convince myself I need that 2nd latte there is no going back. Over time, I have realized every little thing adds up and when you are on a tight pay already $4 daily on coffee really takes a toll on my poor little bank account.
I was complaining constantly to almost everyone I knew, asking him or her how can they save, how did they save? I never received a concrete answer, thus my problem continued. The biggest struggle for me was I wanted to travel, but I also wanted to be able to go out to brunch with friends and buy the occasional accessory or book.
So I would like to think that over extreme trial and error, more error at that I have come up with a few suggestions on how to limit your spending and save a little bit more.
1. Debit Cards vs. Credit Cards
Visit you local bank and set up an account, if you have a somewhat steady income maybe consider using a debit card for your cash flow. I find I am more aware of my spending when it is done on a debit card. A debit card is a checking account, which only allows you to spend what you have; where as a credit card allows you to spend more than the physical money in your account. Until you are responsible enough, stay away from credit cards, they just built up your credit score and have monthly bills.
2. Open up a Savings Account
Make sure to open an impenetrable savings account with your bank under the same account as your debit card. Basically only allow yourself to use your saving for emergencies and for the intended saving purpose (for example traveling). I recently put a penalty on my savings so that every time I transferred money from my savings I would be charged. Having this boundary has made me more aware of spending my savings.
3. Plan your spending
The easiest way to throw away a bunch of money is through frivolous spending. For example going out with a bunch of friends and spending tons of money on drinks or shopping. I find the easiest way to lose my money is by going ‘shopping’. There is a difference between ‘shopping’ and buying: shopping has a connotative meaning of going from store to store buying every thing you like whereas purchasing an item can take thought and planning.
Think about the items you are spending a lot of money on. Ask yourself do you really need this? I try to think out my purchases such as beauty products and clothes. I buy them when I work a few extra hours or maybe get a babysitting job. It’s all about balancing where you spend the money.
4. Do Not Restrict Yourself
With all that being said do not restrict yourself from spending any money. Think of it like a diet if you cut out sugar cold turkey sooner or later you are going to binge and go crazy on eating sugar. Allow yourself money to shop, or buy coffee. Do not void yourself of all pleasures which money can buy. Allow yourself a small budget to spend on the fun and enjoying things, that way you won’t go crazy and spend all your saving.
Now by no means am I any good at saving, but I do hope some of these short tips will help those of you put away some funds for traveling or going to that concert you’ve been dying to see.
© 2015 Reef Magazine