Money. That dreaded topic. Even I am pretty bad at budgeting my lifestyle, I admit it. However, that doesn’t mean that my money and bank accounts have to suffer all over the board. I have some tips that keep managing my money simple and mostly stress-free.
Click the read more button below to see all of them!
1. Open a savings account.
Even if you’re 18, I’m a strong believer everyone should have a savings account. A lot of banks require you to have a few hundred in there as a minimum at all times so be sure to follow that or you’ll have to pay a usually small fee. You never know when you’re going to need some emergency money. At the very least, saving your money is just a plain good habit to get into.
2. Pay someone back almost immediately.
It’s often frustrating when our friends owe us money and they take a while to pay us back. Many of us don’t carry cash so it’s understandable but there’s a solution to that problem: Square Cash. It’s an app, secure and quick, that allows you to move money between your and your friend’s bank accounts safely. Now, it’s simple as ever to pay my girlfriends back for buying me my entree when I forget my wallet.
Download it here: https://itunes.apple.com/us/app/square-cash-send-money-for/id711923939?mt=8
3. Opt for cash instead of a debit or credit card.
I spend so much more money when I just use my cards. I’m typically a visual person so not seeing how much I’m actually spending (or not) can lead to excessive spending. Cash, on the other hand, somewhat limits you if you only have so much when you’re out and about. If you truly don’t want to carry cash or have to take it out at an ATM, then be responsible when it comes to monitoring your spending.
4. Keep and organize your receipts.
This sounds monotonous, and it can be, but it’s really important. Especially when you need to return something. My dad has always kept all of our credit card receipts for the purpose of cross-checking it to our bank statement to make sure everything’s correct. I do the same with my checking account.
5. Automatically put half of your check into your savings and keep half to spend.
If you don’t like that ratio, you can change it however you want but the goal is to save over time at least SOME of the money you’re earning. I know how tempting it is to spend your paycheck immediately on a brand new pair of shoes but saving some of it is much more logical and helpful in the long run.
I hope some of my tips were helpful to all of you! If you have any money managing tips, please let me know in the comments below. I’d love to hear.
Thank you to Square Cash for collaborating with me on this post. Though I was compensated for this post, my opinions are always my own and I don’t write about anything I don’t believe in.