The basics

You should be saving money on a regular basis; but let's face it, some of us are better at this than others. Don't worry, I'm here to help those of you who may not have the best financial habits. Since this blog is brand spankin' new, let's start with the basics. 

1. Create a budget. 

This may take a bit of time, but it is extremely important for you to sit down and write out a monthly budget. This should reflect all of your income, a calculated 6-month average for each of your bills, and list all other monthly expenses. It may be helpful to gather all of this data into an spreadsheet or document for easy accessibility and visual aid. Once you have clearly outlined your budget, stick to it. Use it as a guideline for how much you spend each month. Do not stray from this list. 

2. Open a savings account or 401k

If you don't already have a savings account - you need to get one ASAP. Take advantage of the overdraft protection and different saving incentive programs offered. Don't forget, you will earn interest on whatever balance you have in your savings account. The more you save, the more interest you earn. Some banks or credit unions offer better rates than others. Just ask around and do your research to find the best fit for you. If you DO have a savings account, consider opening a 401k. This is especially recommended if your employer matches a percentage of your savings. It is never to early to think about your future.

3. Plan to save. 

One of my favorite quotes is "If you fail to plan, you plan to fail". I find this to be true in many aspects in life, with finance being no exception. You need to make a solid plan for how much money you'd like to save. Set a tangible goal of exactly how much money you want to save in a year or 6 months. Once you have that figure in mind, break it down into how much you need to save per month/per paycheck.

4. Build a healthy relationship with money. 

Most money gurus will tell you that in order to attract more money, you need to have a healthy outlook on it. Do not become desperate for money or you will only push it further away. Respect your money and do not take it for granted. You work hard for your money, so don't blow it on impulse. The next time you are tempted to purchase something on impulse, stop and think how long you had to work to earn that money. Sometimes when you stop to think about how worked for 3 days to earn the amount of that purse you want, it may not seem worth it. 

5. Shop sales and use coupons. 

Personally, this is my favorite tip. I hardly ever buy anything if it isn't on sale or if I don't have a coupon for it. Why pay full price when you can easily get an item for less? Try to research the best sales and price match when possible. Sure, not everyone has the time or patience to become an “extreme couponer”, but clipping a few deals each week can really add up to save you good money. Flip through ads in the Sunday paper to find deals on items you already plan on buying. There are hundreds of websites and blogs dedicated to couponing. Also, you can easily sign up for emails from your favorite companies and restaurants to receive exclusive deals and coupons. 

Hopefully this is enough to get you motivated to start saving money. These are the most basic steps, so please stay tuned for more money saving tips and different ways to get your finances in order.



<3 Spoe