Journey to Financial Freedom Pt. 1: Making Saving a Habit

Hey Everyone!

Today I’ll be sharing the 1st part in a 4 part series focused on being financially savvy and smart with your money.

Disclaimer: I am not a financial advisor. The tips I’m sharing are the things I’ve started doing. I cannot guarantee that what works for me will work for you

I can admit that I’ve always somewhat struggled with finances. From growing up in a single parent home to not really knowing anything about stocks, investing, savings accounts, etc. I admit that because I know that I am not the only one who is taking the steps to better manage their finances. So why not blog about it! First up, making saving a habit!

The first thing I did to help me with savings is set up 2 additional savings account with my bank (I have a regular savings account as well). I bank with a CU, but I would call your bank to see if they offer different savings options to try:

  • “Holiday” savings account: In mid November of every year, the funds that I have deposited into this account throughout the year are released to my checking account. The purpose: to help with the increase in spend that happens during the holiday season. Between thanksgiving and New Years, people spend ALOT. So why not prepare in advance? And the best part, I cannot touch the money.
  • Travel savings: This is pretty obvious. But this account is specifically for my travel dreams. I am claiming 2018 as the year of travel, so I am on a mission to make that happen!

making saving a habitAnother approach that has helped me with saving is using an excel sheet to help me with budgeting. If you search under Excel templates and type in “budgeting” there will be a million templates that you can choose from. The sheet already has pre-populated cells to fill out  for how much I pay for rent, utilities, phone bill, car note, etc. This gives me a clear picture of where my money is going and holds me accountable for what I do with what is left over. I take a certain % out of my check for each type of savings before I spend any additional money. This eliminates the risk of getting caught up and then not having enough to save.

making saving a habitFor other savings, like emergencies and credit card debt, I’ve been using this app called Qapital to help me with those additional savings. I LOVE THIS APP Y’ALL!! It’s perfect for someone like me because it lets me set up different rules for different accounts. I have three savings groups within my Qapital account: Emergency, Credit Card, and my birthday plans for next year. So for each account, I have a different rule. For the birthday account, I have a rule set up that syncs with my health app on my iPhone. Every time I complete a 30 min work-out with my phone on me, it will sync to my Qapital account and I will save!

I have other rules for the other accounts and there are so many options to choose from that align with your goals. The other cool feature about this app is that it pauses the savings if your account is below a certain balance. That way you’re not tempted to pull out of your savings because your savings made you more broke lol. If you sign up with this link, you can get $5 towards any of your savings account. And yes, I too will get $5. It’s a win-win! (This is not sponsored, I just really love this app and wanted to share).

As a note, I completely understand that there are times when savings seems impossible. I have had to make sacrifices in certain areas to help me with my savings goal. It’s hard as heck. But I hope that this post can help you start on the right path. I will try and share an update in 2-3 months on how the saving journey is going.

Until next time…

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