I’m 27 and I want to see the world, pay off my debt, have a banging credit score and be able to make moves towards purchasing my first home by age 30. Unfortunately up until about this past September, I didn’t set healthy or realistic finacial goals or make proper budgets. I’m not the perfect saver yet, but I am learning and have picked up a few tips and tricks along the way that I want to share with everyone.
Set A Realistic Budget……And Stick To It!
Now the budget part may or may not be easy but a easy way to start is to just get a notebook and write down how much money you make and write down every single purchase, from a dollar cofee to your priciest clothing item.No item is too small or large. After about a month of recording this, think about how you can cut back and how many of those things are actually important. Then give each area in your life a weekly, bi-weekly, or monthly budget(this usually would go by how often you get paid) You may slip up but stick it out and see the great results. Need a template? Try the template Your Pretty Pennies provides. I used it and she actually puts in all the formulas all you have to do is and or adjust the names of your outgoing and incoming finances if needed. I love this template, I just budget bi-weekly but I plan for 3 months at a time!
I know it seems slightly repetitive but budget everything! I budget tithes, metrocards, special offerings, my daughters allowance, clothing etc EVERYTHING!
Try A Savings Challenge!
So the 52 week challenge may not be your thing. If your’re like me and others you may not be able to keep up with the higher amounts toward the last weeks. Well here is an option for you to save over $600 by the end of 2016 for less than lunch money a day.
Save All Your Change.
At the end of each day. Empty out your, wallet, pockets or whatever you may have change in and place it in a jar! Come Christmas time you’ll have a nice little amount of pocket change for loves ones!
As stated I am trying to get my credit life together. I owe a few banks so aside from the American Express Serve Card with savings option. I need another way to save money. So I”ve decided to make a jar for all occassions I may forget below are some ideas for you as well:
Emergency Fund – 25 dollars to 50 dollars every paycheck for in case of emergency events.
Travel Fund – Of course I will budget out flights and hotels but extra spending money is also a go. My best friend is getting married and myself and another friend want to take her to Vegas for a girls weekend. So 25 bucks of each check will be dedicated solely to that trip.
I really want to start school this year so I will be taking certificate classes in spring because they are small inexpensive class and I will be putting about 60 bucks a month in my jar to register and pay for school in full on the balance I owe by 2016 fall semester time.
Throw about 5-10 bucks in this jar each check. I plan on not making any random purchases unless it’s a super duper cheap flight or a need (washing machine lower than usual etc). Just like we reward others and our children, I believe every three months its ok to reward yourself, that is of course after you’ve reached a finacial goal, in my case it will be a major debt paid off or two within every 3 months!
Special Offering Jar
My pastor each year has a service, well let me rephrase that the church gives him a service, I also serve on a few boards at church and at times we have to give certain reports etc. I figure if I save all year long or up until the services come. I can have either the whole amount saved or a large portion. This way I don’t feel like it snuck up on me and life took all my coins so I couldn”t afford it!
LAST BUT NOT LEAST :
Pay your tithes! I can’t stress this point enough! Give God what he requires and he’ll cover all your needs. Its a promise I know the lord to stand by!