When you’re busy balancing school, work, family, friends, starting a new business, AND beginning a new personal project while hustling at a 9-5… The question arises: is it really possible for me to do this without going broke? The answer is yes. It’s not going to be easy, but it’ll be worth it. Here’s how to save your money like the girlboss you are.
Learn how to save your money like the girlboss you are, one penny at a time.
The first step is probably the most obvious, but one of the most dreaded: make a budget. And actually stick to it. Budgeting isn’t fun. When you look at all of the bills you have, the things you want and what you want to save after all of that, it can get a little overwhelming. If you play your cards right, you can make a budget that is realistic, efficient and not a total dread.
If you’re having trouble making a budget, an app like Mint can help you get your act together, girl. We talked briefly about the benefits of Mint before, but let me just remind you: It. Does. So. Much. Budgeting, bills, credit scores – oh my! Just do yourself a favor and head over to Mint right now to start this thing off right.
If you’re interested in starting to invest, download Acorn. With Acorns, you can effortlessly invest straight from your cell phone. It acts as a spare change purse – it takes small percentages of your spending, rounds it up, and invests depending on how aggressive you want to invest in the market.
Keep track of every penny
Sometimes life is going at 100mph and it’s hard to keep note of what we’re doing, but it’s so important to keep track of what we’re spending. Have you ever had one of those weekends when Friday was payday and by Monday you were left asking, “Where did my whole paycheck go?” Yeah… me too. When that question comes around, I feel a sense of guilt for not even knowing where my hard earned money went. By keeping track of your spending, you are more in control of what you’re doing. Don’t let those hard earned dollar bills go to waste… and remember that 100 pennies make a dollar. Change matters!
Pay your bills on time
There’s almost nothing worse than getting that email that you’ve got a late fee since you forgot to pay your bills on time. Not only are you paying a bill, but now it’s no one’s fault but your own that you’re paying MORE money for a mistake! Set all your bill due dates in your phone/computer’s calendar. Set it up so you are reminded a week before and a day prior to the due date. Don’t make the mistake of virtually throwing your own money away.
Set savings goals
If you’re wondering how to save your money, I’ve got some shocking news for you: it starts with literally saving your money. By setting measurable and achievable goals, you are giving yourself more and more of a reason to stay on track with your money. If you want to save money for a new Mac Book Pro for school and business, write it down. If you are dying to plan a vacation, budget a trip and work towards it. You earned it, but you won’t get there if you don’t try. Keep track of your goals and get an accountability partner so that you may be reminded of your progress!
If you’re ready to take your checkbook seriously, don’t be afraid to ask for some help. Sitting down with a CPA or financial advisor can really put everything into perspective. I am not a numbers person, so when I started my new business and had to start submitting quarterly taxes, I knew I needed some help. I sat down with an accountant and he broke everything down for me in a way even my right-brained self can understand.
If you’re not into sitting down and chatting numbers, just do your research. There’s help all over the internet for things like this. There are so many people who have been where you are: a 20-something college student or new business owner, just kicking ass through life and trying to save for her future. There’s someone out there who can help you. Don’t be afraid to ask for help.
Hire someone if you need to
If you ARE likely to sit down and chat with someone and you find that they’re a benefit towards your business, hire them. It’s okay to invest in your future. Sure, you are spending money now, but saving money by learning the correct way to balance your checkbooks and invest will let you grow as a person and business in the long run. It’s all about growth.
Numbers have never been my thing, but every day I am getting better and better at saving toward my future. I know that my twenty-something years are going to fly by, and in no time I’ll be ready to start a family of my own and move up with my small business. Therefore, there’s no time like the present to start saving and managing my money like a true girlboss.