Healthy Money means that you have a positive relationship with money so regardless of your work/status it’s always good to look for Money Saving Tips.
You never know what can happen and how an economy can impact your job, business and career. Most importantly is to never depend on others for this, your money – your savings – your life.
Young adults can often be very confused and it can be really hard to start a life after collage. The only constant in life is change so let’s be prepared for the best and the worst. You should save enough money to possibly make a future investment or to be prepared for a crisis, either way, Saving Money is Always a Good Habit!
Money Saving Tips #1
Don’t Spend What You Don’t Have
As a women I can say this is very hard because every week the fashion industry comes up with a new “it” bag… So I do have a lot of self control haha (Just Kidding!) But the truth is, we can sometimes let our emotions control our actions. It’s not so much about the new bag/watch etc.. but more about how we think we will feel when we have it. I believe in the power of having good items in your closet and creating a good first impression but if you can’t pay for example for your purse in 1 lump sum than that’s a sign you should not be buying it because that’s exactly how you get stuck with credit card debt. Make smart decisions when acquiring luxury items, get items that will last for years to come and not just a seasonal item. Invest mainly in accessories as clothes are very affordable and don’t need to have a label. But above all, if you are an entrepreneur then your business needs comes in first place, always.
Money Saving Tips #2
Not All That Glitters is Gold
I have met people who go on and beyond their ways to buy expensive watches and new cars. But I also know that some of these people are in serious debt. It happens quick, they got too excited with having money and distracted themselves from the business but just as a lie has short legs, so does your money when you don’t treat it fairly. Don’t let that happen to you, you can still enjoy your success extravagantly but set limits on spending because as everybody knows, crisis can come to all. A very good documentary about it is the Queen Of Versailles where it shows the extravagant lifestyle of billionaire David Siegel and his wife Jackie Siegel as they were building America’s largest home (90,000 sqft) and they nearly lost it all because of the real estate crisis.
Money Saving Tips #3
The Earlier The Better
If you are still getting an allowance or have one of your parents help with the bills, then it should be your obligation to save as much as possible. It’s very simple but people often forget about it. Every dollar counts and should be treated with respect. It’s your future so take it seriously! I remember when I was 15 years old, all my friends were having their “sweet sixteen” parties that cost up to 100 thousand dollars just for one night! I started to beg my parents to do my party because of all the society and friends pressure, but I quickly realized that the party would be just a show off status for fake friends, so I decided to save the money instead. It’s a very simple example but very important for somebody’s future. Sometimes when you are that young the futile things seem to be important but if you have amazing parents like I did it will sure become clear that there’s nothing else more important than your future. Make wise decisions and start saving as early as you can.
Money Saving Tips#4
Control Your Credit Cards
Paying your credit card statement in full makes it easy for you to not fall into the seductive “debit” trap. It’s so simple and very effective to keep you in line. Credit Cards are deceiving because gives you the false reality that you can spend the entire limit and makes you forget that you still have to pay for it. If you know how to control it, Credit Cards can be your best ally :
Take advantage of the offers and choose the cards that will give you back the most rewards. For example some cards give you cash back straight to your bank account, other cards offer airline miles, different items and gift cards. Take advantage of the best offers and choose your card wisely, some cards even offer balance transfers from your other cards at 0% rates.
Money Saving Tips #5
Credit Score Your Way to The Top
It’s definitely worth having a great credit score. Make sure to check it often and to have all your bills in auto pay. Have a cell phone bill, water, credit cards etc.. and then pay it all on time. Watch it as your score goes up, and soon you will have enough credit score to buy your dream car without a down payment. It takes time but almost no effort to maintain a good credit as long as you are organized. Start early and young so you have this advantage, it’s an ever going process that never stops.
Another important reason to keep a good Score is because your Personal credit scores are sometimes looked up in association with your business which has a very big influence when people are doing business with your company.
I hope you guys enjoyed this post and take advantages of those tips as I did. This post is for those who are “starting out” so if you are already somewhat “established” check out the post CNN MONEY recently did for House Hold cut expenses.
Thanks for Reading!