Someone really close to me got sick and I didn’t have the money to fly home right away to see him. It all but crushed me but also gave me a hard realization. I need to start saving money. Not just saving money to go on trips or for that expensive material thing I wanted, but literally save money. Money for those rainy days, because when it rains it pours.
I have a handful of friends who know the importance of saving and investing their money and the other half is blowing money fast. But I’m not judging them because late last year that was me too. I’d rather invest my $500 on an epic NYE party instead of saving the money. I think I thought I was kind of invincible or I would make a way. I made a way every other time in my life so finding the money to make ends meet would be the same. Except this time it wasn’t and I felt I let my favorite person in the world down.
That same night I created a six-month financial plan. I knew my wages for every month so it was easy for me to make a plan to allocate my money. I created a budget where I could pay my rent bills, implement travel plans, still shop (just not as much), and save! I have goals of saving 10k by the end of the year – to just save. Though I set a goal of saving every year, I never connected a number with it but now that I have in in many ways for more serious and obtainable.
I also downloaded to the application Qapital. Qapital is a third party application allows you to create several “saving accounts” where you can label what each account is for. I created a medical account, a life account, a traveling account and an shopping account. The app is free and at anytime if you need quick access to your money transferring is free and almost immediate.
I also downloaded the application Mint to see where all my money was going. As we know, life events come up but if you can control, limit or recognize where your money is going you’ll feel better. If I was spending $50 over budget on food then I will be cognizant next month to cook more.
I became more self aware too. I have this thing where if I paid all my bills for the month I would treat myself—but turns out I was treating myself too much. Treating myself for things that are expected of an adult. So I implemented in my budget that I would only treat myself if I met my savings goal for the month. That’s a real accomplishment I am very much still working toward.
Happy saving Skimps
–Melissa
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