One of my major goals for 2017 is to manage all the money I receive better. Looking at the amount of money I made in 2016, the amount I have saved and the amount I spent hurts my heart.
Last year, I made more money than I could have imagined coming straight out of college and not even working in the field that I earned my bachelor’s degree in. I am just recently realizing how much I mismanaged my money.
Here are a few tips I have been implementing that have helped me to start saving more and spending less:
- I have a percentage of every check going into 4 different banking accounts. There is a set percentage that goes into 2 different savings accounts and 2 different checking accounts. Doing this has helped me save because I primarily use only one checking account so in a sense I forget about the money in the other 3 accounts.
- Every month I take a good look at my bank statements to see where I am spending my money, so I can cut as much unnecessary spending as possible.
- In 2016, so much of my money was spent on food. This year I vowed to cook more at home in an effort to cut food costs dramatically.
- CREDIT CARD are great, when used properly. In 2016 I got a little carried away with overspending and am paying for that now. I will have ALL of my credit cards paid in full by the end of 2017. Moving forward I will only be using the credit cards for small purchases that I will pay back in the coming week or two. (Lesson LEARNED)
- I am starting to invest my money more aggressively.
- I am paying my tithes and offering FIRST!
- I am creating a monthly/weekly budget I must stick too.
- To combat my compulsive spending, I have a 72 hour rule. Before I buy it, I have to wait 72 hours. Usually by the 48 hour mark my interest in the item has died down, MISSION ACCOMPLISHED!
Cheers to Saving More and Spending Less!