There are so many self-help books and websites out now that claim to teach you how to save money and invest in your future. Open up saving accounts, IRA’s, stocks, blah, blah, blah. I’ve tried a bunch of different ways to save money, and I’ve failed a bunch of times.
So, how did I finally figure out how to save money? I didn’t. I just managed to manage my money better. I have 2 separate accounts in which I divide my money into. One account I use to pay all of my bills, and the other account I use for miscellaneous activities. And I use my online banking app. This helps me to track all of the money that I am putting out, and allows me to check what my remaining balance is.
The first thing that I do is tithe, I put 10% of whatever I make aside so that when I go to church I have it on hand. Then I pay whatever upcoming bills I have: rent, car insurance, house insurance, kids’ schools, diapers, wipes, etc, etc, etc. Whatever I have left (hopefully it’s more than $10), I use for what I need. I don’t save. At least, I don’t think this is saving. I tried putting money into a closed saving account in which I wouldn’t touch, and something random happened and I had to touch it. I gave money to a close relative to hold every time I got paid, and again I had to touch the money. I realized that I don’t make enough money to save! Lol! So I figured out that I needed additional income. So I started my own business. Now, that does make a huge difference in cash flow, and how much money I have left over after paying necessary bills.
My advice? Find something that your good at, and charge people for it. It doesn’t have to be much- $5 for helping fix resumes, $10 for babysitting, $20 for a batch of cookies or a pretty cake. And watch those small funds add up. They make a huge difference in what you have left over at the end of the month, and you’re not pinching pennies or eating ramen noodles for dinner every night of the week.
Now, don’t get me wrong- if you never learn to manage your money, you’ll always be in the red no matter what you do. You can make $300 a week or $3,000 a week and still be broke. Financial management has been a huge issue for my generation. And I have, by no means, figured out the key to making money last longer. But I am working on the key to figuring it out. It’s right next to my schematics on building my time machine. It should be completed by March 2020. 🙂