(updated on 12/1/18)

Hey Everyone!

Today I’ll be sharing my journey to 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 investing, savings accounts, stocks, etc. And I know that I am not the only one who has experienced financial hardships that have made it impossible to actively start saving. But, if you are in a position now where you can, then please continue reading on some tips I take to actively making saving a habit

SAVING

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:

• Emergency savings account: My sister and I have had our fair share of emergencies happen where, after paying for them, we’ve been left extremely broke. In August of 2018, I said”Enough is enough” and started actively putting money aside into an Emergency savings account. This is money specifically used for a rainy day or if something happens that I wasn’t prepared for. That goes from unexpected car repairs, apartment repairs, helping another friend/family in need, etc. Having this account has helped me to feel independent because I am no longer so reliant on my paycheck when something out of the ordinary happens. I currently save 10% of my check towards my Emergency savings.
• Travel savings: This one’s pretty obvious, but I’ve been bit by the travel bug and I want to explore the world! So this is an account that means a lot to me. and I have made the decision to start depositing money into at the start of 2019. Now, I am not balling out of control (yet), so once I start putting money into this account (a percentage I have yet to decide), I’ll be reducing the percentage that I put into the emergency savings (probably by 2%).
• Personal savings: This savings is for me and me only. This is an account that I’ll start depositing into after I reach the goal amount in my travel savings account. This will be for me to make any larger purchases for myself, or for my blog

BUDGETING

Another approach that has helped me with saving is using good ole pen and paper to help me with budgeting. Writing things down solidifies a plan, for me. But if you aren’t into the old fashioned, you can use an excel template.

If you search under Excel templates and type in “budgeting” there are so many templates to choose from. The sheets already have pre-populated cells to fill out for rent, utilities, phone bill, car note, etc. This also gives a clear picture of where your money is going.

I’ve made a habit of putting away my tithes and savings out of my check before I do anything else. This eliminates the risk of getting caught up and then not having enough to save.

QAPITAL

I’ve also been using this app called Qapital to help me with those additional savings, like purchasing my first MAC desktop. It’s perfect for someone like me because it lets me set up different rules for different accounts. If I decide to go buy some fries at McDonald’s or I complete 6000 steps in a day, it automatically debits $5 into that Qapital savings account.

The other cool feature about this app is that it pauses the savings if your bank 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. I’ve also had a promotion that allowed for me to actually start saving. But it’s still hard as ever. So while these tips are meant to be helpful, please do not take offense if you are not there yet. That is understandable, and you should not feel ashamed at all.

I hope that this post can help you start on the right path if you are ready to start saving!

Until next time…