Saving money isn’t always as easy when you’re spending it. As much as I love shopping and buying unnecessary things from Amazon or new candles for around my room, I have a pretty good saving system which I use and has helped me so much. Putting together money aside every month for my business and blog, saving for emergencies, and having spending money for coffee or products to restock on is so important to me. This is why I want to share some of my favorite tips for saving and sticking to specific financial goals that you can do monthly.
Having a large salary or making a huge income has nothing to do with how much you can save or even starting to save. I was saving allowances I would receive from my grandma while in high school and it would be as little as $10 a week. But a little really goes a very long way and this is how I was able to put together my blog by saving for months to get everything together and perfect. Even if you want to get something and spoil yourself a little, you deserve to buy everything you want. Here are some of my favorite ways to creating monthly and even yearly financial goals that won’t require a hard time following.
1. Envelope System
The Envelope System is something that Dave Ramsey, who is a host, author, and has helped people overcome their debt and any financial problems, has used to create monthly savings. To summarize the method, it tracks money you keep in certain categories for different things you’d like to save up for. After putting money in there every week, at the end of the month you check how much you have saved total in each envelope. When we don’t have a concise system every month, it allows us to overspend and not see how how much we can spend as well.
In order to get started on this method, simply make a list of what your monthly spendings are and then make them all into envelopes. For example: groceries, shopping, gas, etc.
After this, figure out how much you want to budget each month for those categories. If you want $600 for personal shopping, take out $300 for the first check you get of the month, and then $300 out of the next then there is your budget for that category of the month. The most important part of spending this money is that you need to make sure it goes towards nothing else that isn’t for the category you wrote down.
2. 50/30/20 Rule
If you’ve never heard of this rule, then you are about to. Every month I would recommend doing this if you don’t want to stick to the envelope system. 50 percent of your money should go towards things you need to survive such as getting groceries, paying bills, etc.
30 percent of your money should now go into things you want such as your Netflix and Disney Plus account to stay active, taking a couple shopping days with your girls, or having one or two nights out for dinner.
Lastly, invest your last 20 percent into the Stock Market, savings, retirement, etc. This is just as important as anything else. Maybe you have student loans as well and want to pay those off. This budgeting method is a great way to save and use your money wisely.
3. Bullet Journal Finance Logs
This definitely may not be for everybody but if you love being organized, and having a clear way of seeing everything you spend money on then this will definitely help. It is called Bullet Journal Financing Logging.
There are hundreds of videos on YouTube that you could find in which you can figure out the best system of bullet journaling that works for you. They even have monthly bullet journal organization which you can use for planning out what you have to do for the month.
So how does this finance log work? Basically you have the month written at the top as shown below in the image. You have
- one column for the exact date you spent it on that month
- second column for the purchase it is that you made
- third column for the store you spent it at
- fourth column for what type of expense it is (example: grocery, beauty, health, etc.)
- fifth and last column for the cost
4. Budgeting Apps
As technology continues to advance everyday and is getting harder to keep up, this means you can take all of your budgeting virtually too. You don’t even need to be tech savvy or have a lot of skills in order to use these apps.
I prefer having physical pieces of paper or a journal instead of using an app just because it’s easier for me to see my calendar or my plans. Some good apps when it comes to money management includes Mint, Good Budget, Wallet and more. A lot of these allow you to create specific budgets managed around your income and transactions you make as the months go by.
These can be extremely helpful for people who just want to have their apps on their phone so that they can easily access them on the go instead of carrying a notebook around.