Saving money is easy. No really it is. Once you get over the fact that you don’t need that new dress and it is completely okay to wear that outfit more than once or that you can make your coffee at home stacking your bread in your savings account becomes a piece of cake. Bread? Cake? I think I’m hungry. For the past couple of years I have been constantly looking for new ways to save money. To be considered a responsible adult it is a “rule” that you must have at least three months income saved. So if you aren’t exactly balling I would say anywhere between $6-$10,000 … now remember this is if your income is extremely low. Other things that you might want to be able to save for are vacations, buying a house, buying a car or Christmas shopping. I wanted this post to focus more so on the low end because I feel that the more money you make the more you should (keyword SHOULD) be able to save. The hard part is saving money when it feels like you don’t have any money so here are some tips that I have when it comes to saving money while broke.
SET UP AUTOMATIC WITHDRAWALS
In my opinion this may end up being the easiest step to save money. I set automatic withdrawals from my paycheck account to automatically go onto a online account that I DO NOT have a debit card too. The reason I chose a online account (through Capital One) is that they usually have better rates than traditional banks and credit unions and it makes it easier to save because it is harder to get access to your money. Knowing that you will have to wait 1-3 days to transfer your money will really put things into perspective especially if you are a impulsive buyer (and that is exactly what I am — I see it, I love it, I buy it).
With this step it is best to start small, with a amount that you would hardly notice. A great example is if you get paid weekly and automatically withdraw $10 a week … which equals $520 by the end of the year. Double that to $20 or even $50 and watch your account grow. As your account grows remember to shop around for better interest rates in things such as Money Market accounts to make your income grow faster without even trying.
SKIP THE TAKEOUT — FOOD, COFFEE, ALL OF IT!
Eating out has always been my monetary downfall. When you think about the thousands of dollars a year that you spend on coffee, bottled water, and Chinese takeout every other day, and happy hour every Friday, you end up wanting to punch yourself because with he amount of money that you spent you could be stretched out on someone’s beach with a cocktail in hand. Take for instance my very bad coffee habit. I’m more of a Dunkin Donuts coffee drinker so my “cost” is significantly cheaper than you fancy Starbucks coffee drinkers …. but I was at a point where I was buying a medium caramel coffee with cream and sugar everyday with a coffee maker in MY KITCHEN! Okay on average a medium coffee is about $2 … that’s $14 a week and $728 A YEAR! Is that not insane? Now you Starbucks drinking are probably spending between $1200-$1400 a year on coffee. ON COFFEE!! Just writing this is hurting my heart. I need to open a coffee shop.
Now add that with the bottle of waters … which for a pack of 24 runs anywhere between $5-$10 — depending on how fancy you are and last about a week — you can add another $260 – $520 a year, lets say $20 (and that’s the very low end) on take out which is about $1040 a year …. damn! Do you all see where I am going with this? Save money — LOTS OF IT — make your own coffee (really just Google your coffeehouse favorite and I bet it comes out WAY better), buy a Brita Water Bottle that filters you tap water (that you are already paying for) into yummy goodness, stop at the wine and spirits and buy a bottle, and cook your meals at home. WALLAH you just saved like $5000 this year. You are welcome! (I still need to follow my own advice a little better LOL!)
BEAUTY ON A BUDGET
Okay this section is hard for me to write and quite possibly will be really hard for you to read. Lets take about the cost of beauty. Let me just say that it is really REALLY REALLY EXPENSIVE TO BE A FEMALE!
In the words of Drake we feel the need to have our “Nails done, toes done, everything did” … and eyebrows …. and hair… facials? waxes? Sheesh! I started making little changes in this section. I went from biweekly nail salon appointments to monthly, bimonthly pedicures instead of monthly supplementing the second appointments by painting, soaking and scrubbing at home. Eyebrows is just something that I could NOT cut out because if I tried to do my own eyebrows I probably would have any. Seriously. To save money I started getting my eyebrows threaded instead of waxed saving around $3 a visit. Since I went natural a few years ago, meaning no heat or chemicals including hair dye I only go to the hair salon maybe twice a year instead of every two weeks (which was $45 a visit). Now I spend about $45 to get a crochet install when I have the patience to sit and my lovely little sister does it for free.
If you are good at all things beauty YouTube tutorials will give you some direction on things that you can do at home. Check out my post on my 4 Favorite YouTube Beauty Vloggers … So overall in this section I can say I save on estimate about $1500 a year.
“The quickest way to double your money is to fold it in half and put it in your back pocket.” —Will Rogers
Listen … saving money is hard. Its so much fun to buy things that we want BUT at the same time we must do this is a way where we can take care of all of our needs, prepare for emergencies, and plan for the future.
What are your best money-saving tips? Share them below in the comment section!
Until next time Beauties …