Motivational Monday: Managing Money
As a recent college graduate, and soon to be graduate student, budgeting is not a new thing to me. So many people wish they would have started saving money when they were in college. If you struggle with saving or managing money, or you want new tips to save, this is your sign to keep reading!
Here are some tips I use and some other tips that I have heard work great for others! I would highly suggest getting some kind of change jar. Even if you don't carry cash around, you'd be surprised at how many coins and dollar bills you come across. Once you have your jar or container, set it in a place that will remind you to put your coins and bills in. You could easily save any $5 bill you come across and put them into the jar.
Another great way to save is to put away a certain amount for every $100 you make in a paycheck. For example, for every $100 I make I will put away $40 into my savings. Depending on how much money you make, it can be hard to have a strict 'save amount' for each month. Many people recommend saving 20% of your monthly earnings, but you can make that percentage as high or low as you want.
If you like to budget for specific areas of monthly spending like groceries and entertainment, this next tip will be great for you. Start a budget binder and include cash envelopes labeled for every area of spending you use each month. If you take out the amount of money you want to budget for each month, you can physically see how much you are spending.
Small tip: If you buy anything daily, try to cut back on it to every other day. You can be surprised by how much you save each month, even if it is $5 a day, that can turn into $150 a month.
Let us know how you like to save or budget your money!
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