Family, Mental Health

Money, Money, Money!!

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I’ve posted before about finances. Money is such a huge source of stress for so many people and I think it’s important to talk about. I’ll tell you a secret: I wasn’t always on top of my finances and budgeting like I am now. I won’t bore you with the details, but I will share a few valuable things I’ve learned through trial and error.

1. STAY ON TOP OF YOUR SPENDING!

If you aren’t constantly watching your bank account, you’re setting yourself up for failure. Back in the old days when we carried cash around and lived on cash diets, it was easier to be accountable. But with all the plastic in our lives, it can be way too easy to over-spend. There was a time when I would avoid opening up my online banking because I would rather not admit to myself that I had over spent that month.

2.  BUDGET, BUDGET, BUDGET!

Set yourself up with a budget in order to manage your cash flow. If you bring in $2000 a month but you spend $2001, you’re over budget and it’s a slippery slope form there to debt city.

3. BE REALISTIC!

In my opinion, it is NOT realistic to set aside $50 a month for shopping or extras, if you know you enjoy shopping. There’s no need to lie to yourself…believe me, you’ll only let your self down!

4. PAY YOURSELF FIRST!

First thing’s first, deposit money into your savings! It may sting in the beginning, but you’ll get used to living without that money after a while. What not to do: tell yourself you’ll put anything left over at the end of the month in savings. Believe me, it wont be there! You’ll find something better to do with that money.

5. SIGN UP FOR MINT.COM!

If you have an Apple or Android computer or phone, you have the ability to stay on the good-finances track at your finger tips. Mint does everything you’ll need: set budgets, manage cash flow, and alert you if you’ve over spent in certain categories or are getting dangerously low on money. Mint will help you stay accountable and not have any nasty surprises when you go to pay a bill!

I hope these tips help you get on track to financial freedom! It really can be this simple.

Happy saving!

Got any penny-pinching tips? Share ’em!

Stephanie @ Mommyzoid

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