MANAGING YOUR MONEY (5 Lifelong Lessons)

#WeirdBrag moment. I’ve been an excellent money saver ever since I started a summer camp with my cousins in 2007. (I was an 8 year old camp counselor. Definitely weird… and illegal.) Now, I have a few tricks up my sleeve that I think will help you to save your money too. Let’s begin, shall we?

1) Have a bank account.

This seems like an obvious one, but to my surprise, a lot of my own friends don’t even have their own bank accounts. Ask your parents to help you set up an account. Interest is low right now so you probably won’t make money from it (disregard this past sentence if it confused you), but a bank account is the first step in being financially independent and having a reason to save your money.

Within my own bank account, I have a checkings and savings account. My checking account is where money that I expect to use readily goes and savings is where it will pretty much go untouched unless for big investments (more on this farther down).

2) Get a job.

This one can be a little tough, I know. Starting out in the working field isn’t only a little difficult but definitely intimidating. If you are younger, inquire around your house or neighborhood about smaller jobs you can get- walking dogs, cleaning the chimney, shining your dads shoes… There is bound to be a project you can make a few bucks a week on. If you are on the older side and ready to start working, I recommend using your school or communities’ job postings. Send a resume (you can make a basic one by using a template from Word or Google) (more on this in a future post) to a number of companies you would be interested in working at, and take it from there. Believe me- you can do this.

3) Put the majority of your paychecks/ earnings RIGHT into the bank.

Out of sight, out of mind. I promise you that if you keep your money in your room or wallet, you WILL spend it impulsively because it’s just sitting there. If you put it in the bank, you can start saving up for something bigger. I recommend promising yourself 80% (or whatever you deem appropriate) of your earnings go directly in the bank each paycheck. You will thank yourself when, in a few months, you realize how much money is already sitting for you in the bank.

4) Think LONG AND HARD about what you want to spend your money on.

Repeat after me: Just because I make money does not mean I need to spend it.

Got it??

It is MUCH more rewarding saving your money than constantly taking money out for petty things and starting from scratch. There are few things I take money out of the bank for but they are ALL things that I have considered for at LEAST two months. Also, as a rule of thumb, I only take money out of my savings (different than checking, less accessible) for these big investments. Other than that, whats put in savings stays in savings. 

List of things I have taken money out of the bank for:

1. MacBook Pro (2012)
2. Canon SX260
3. iPad Mini
4. Canon Rebel t31
5. New Macbook (2016) (w/ free Beats headphones) (for College)
6. Canon G7x

5) Save money for college!

You definitely don’t want to walk into college only with the money you have saved and expect to walk out with that money untouched. If you aren’t realistic and leave spending money for college in your checking account or as cash you will chew through your savings. Something you don’t want to get in the habit of is taking money out of your savings whenever you need something.

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This is already probably pretty boring so I’ll stop here… just remember its better to save then spend. You will NEVER regret saving but its very easy to regret spending!!

Your wallet will thank me later,

Margot