I have always had an interesting relationship with money. Growing up, I always felt limited by it. I know I’m not the only one who heard, “Do you have McDonald’s money?”  Of coarse I don’t, I’m 12! I always felt like it kept me from doing all the things I wanted. As I got older and was able to earn a little money from chores and odd jobs I would do for church members. I would be so excited, I would spend it as fast as I got it. I always had a plan for the next dollar I got. My mom tried to get me to save money, but I didn’t see the point. Off to Walmart!  

In college, I learned about overdraft fees. I can’t tell you how many $35 fees I paid. I had the bank’s number memorized so that I could check my balance before I would agree to go out with my friends. Although I had a job and was making money, I was still limited, not because I didn’t have money, but because I didn’t know how to manage it.

Fast forward to my first paycheck as an RN. 

BALLIN!!

Sike! Somehow I was still living paycheck to paycheck. I had come from $10/hr to a real grown-up salary and still couldn’t figure it out. I would write out budget all the time. I had all the apps and budget books out there. I read Dave Ramsey’s Total Money makeover. All the information there was to have, I had it. But implementing it was another thing. I finally got tired of doing my taxes, seeing how much I made, and not seeing that reflected in my bank account. I knew I had to do something different.

Here are a list of things that worked for me:

1. Downgrade.

   I am bougie in spirit and Jesus has rebuked me several times. I realized that if I’m eventually going to have the type of life I want to live I need to make sacrifices now. I decided to move from the 2 bed 2 bath apartment, that I lived in by myself, to rent a room in a house with a friend, which decreased my rent significantly. 

2. Live on half of your income.

   This can be challenging, but is absolutely doable. Remember, this is about sacrificing now. If this means you have to cook more, versus going out to eat, or choosing a regular movie and not Imax, do it.  As soon as my direct deposit hits,  I transfer half to my savings. Its actually really easy now that mobile banking apps have auto transfer features.  That way you can set it and forget it! (<=I’m that old) 

3. Auto Save

   I mentioned this in the last tip but I’ll elaborate here.  I use both the Qaptial app and my bank to do this. Both have features that allow you to choose who you want to save. They can be deposit based, meaning if you have a deposit greater than a specific amount, you can choose the percentage that is transferred. This is how I save half of my check. They have other options such as, 10% of every deposit, round-up and a 52- week rule. These really help with saving because you don’t have to think about it.

4. Budget

   Whether you use an app like Mint, or an excel spreadsheet, you have to know where your money is going. I didn’t realize I was spending nearly $1000 a month on food an groceries, until I sat down and wrote it all out. Often times we loose money on useless subscriptions that we forgot we had, or eating out when there’s food at home. It’s not enough to just write it out. Its important that we keep track as well.

5. Need vs Want

   Honestly, I’m still working on this. I’m quite the impulse shopper. I try to ask myself “Do you need this or do you want this?” Its important to focus on your needs first. Don’t get me wrong, there’s nothing wrong with the occasional ‘want’, but you can’t treat yo’self all the time if you’re trying to save money.

What do you do to save money?

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