Great blog this week from a previous client about the importance of saving!
Money isn’t everything, but unfortunately life can be expensive. However, if you budget your money correctly it can make life more fun and less stressful for yourself. Between paying bills, (cellphone, water,
electric…the list goes on) receiving an education, and experiencing life, the costs add up. We’ve all been
there. Growing up I lived by a life lesson my Dad taught me of “50, 50.” Every birthday, graduation, or
life event where I received any sort of income from family members, my Dad would take half and put it
into a savings account for myself. As a child I thought this was unfair, but once expenses began being
handed my way I was unbelievably thankful. Now some may not have had a Father like mine, but it’s
never too late to begin saving for future life expenses such as education, having a family, and even your first home, just to name a few. Here are a few tips and tricks to get you saving for a better future.
1. Create An Excel Sheet
We all learned Microsoft Office at some point in our college careers, whether it is an in-depth 400 level class or a freshman year lecture. We know the basics of how Microsoft works. Use Excel! I never thought I’d use it in the real world, but I found it easy for tracking expenses and creating a budget for myself. That way there was an estimated goal for what I would like to save after my basic bills were paid monthly. Even if you only save $100, that’s still money you didn’t have set aside before.
2. Use an APP
Our world is so technology based; we have the world in the palm of our hands. There are so many budgeting apps out there that will break down your expenses for you. BAM, super easy! They’ll show you what you need to make for an income daily to provide for monthly bills and the rest you can save. There’s no excuse due to how easily a budgeting app is accessible to us.
3. Splurge
Don’t suck the fun out of your life, but budgeting is key. If you want to vacation, absolutely do it, but make sure you’re not draining your bank account at the same time. It’s all about how you plan to spend your money. Instead of grabbing a drink out with friends, buy a bottle and make cocktails at home. A concept where the younger generation falls short is eating out instead of grocery shopping and taking the time to cook. It’s not about giving up everything, but making the necessary sacrifices here and there.
Truth is we’re all going to grow older, which means retirement isn’t as far away as it might seem. You don’t want to look back and regret not saving for your future. Creating a budget and saving a little bit at a time will truly add up in the long run. Don’t wait, start saving today!
Not sure how to budget your money to provide a great savings/social life balance? Let us help! Sign up for our Personal Finance service today so we can make sure to give every dollar a job.