How many times have you heard the phrase “I can have it all and more”? I don’t know about you, but I’ve been hearing that since birth and frankly it’s just not true, at least not yet.
Here’s the truth, like many of you, I absolutely love to have the finer things in life. Well I did before I graduated from college and entered the real world that is! While still on my parents’ dime, you would never catch me walking around with a basic MP3 player instead of Apple’s I-pod. No fake name brands, fake anything, you get my drift. However, I realized once I was out on my own that it was time to make a change when it came to my finances. I have five helpful tips for you SASSY readers that will help you begin to change the way you think about money.
1. Know the difference between wanting and needing an item.
In today’s world, it is so easy to get caught up in material things. But the simpler things in life costs as well. An example of this would be the world’s most famous coffee café, Starbucks. I’m sure many of you out there love the Starbucks brand and probably have spent thousands of dollars at the popular coffee shop over the years. A cup of Starbucks coffee cost anywhere from $4.00-$7.00. Now just think of how much money you would be saving if you made your own coffee at home or had the coffee your work place provides. It may not taste as great as Starbucks, but in the end you are saving yourself lots of money.
2. If it’s the latest gadget and you have to have it, SAVE for it.
Like many people across the country and world, I was beyond happy when Apple creator, Steve Jobs, announced this past summer they were coming out with the critically acclaimed i-phone. However, I was shocked when I heard the price was $600.00. There was no way I could afford to purchase a phone that expensive. I decided to save for it, and I made the right choice. Four months later I paid $299.00 for my new i-phone and still had $300.00 to keep for myself.
3. Start a money journal to see how much you spend on basic things.
You’d be surprised to see how much money you spend on basic everyday needs. Whether you are doing grocery shopping, taking your clothes to the dry cleaners or even buying fruit, remember to write it all down! By keeping a money journal you are keeping track of all of your finances big and small.
4. Work on not spending outside of your budget.
Setting a monthly budget for yourself is essential to making your finances work for you and not against you. You should have a spending limit for everything, including groceries, clothes shopping, necessities, etc. Now that you have a budget, it is imperative that you actually stick to it.
5. Stop caring about others feelings and consider what’s best for you (and your budget).
I know this is a hard one, but many of us get caught up in what our friends and relatives think about us all the time. When it comes to your money, remember just that, it is your money and you have the right to decide what you do and do not want to spend it on. Do your best to be smart and not get caught up in the idea of trying to impress others by purchasing items that your budget will not allow.
Overall, it is important to learn how to say no period. In the long run you will be saving yourself a lot of money and investing in your future.
~Mia
{ 4 comments… read them below or add one }
I love these tips! Give us more
This is a great start to fiscal responsibility, which is awesome! Perhaps in the future, an article regarding investmenting and saving might follow?
Ditto on the fiscal responsibility… perhaps an article on credit/debt might be a good follow-up to this note.
Yep, fiscal responsibility is very important for new comers to the real world =).
I think an article about ways to break financial dependence on parents by being more responsible with our own earnings would also be a good follow up.