I am 23 years old living in the Bay Area. Balancing my coins is something that is needed to be done but is hard when everything around here is extremly expensive. I will say that I do have the upper hand on a few things because I do still live at home so, saving is a little bit more easier for me being that I do not have to pay rent or have a ton of bills. Nevertheless I still have things I am responsable of paying for and I wanted to share my tips with those who just want a insight on my saving strategys.
When it comes to saving and balancing your money you first need to make up in your mind that this is what your going to do. I went so long with saying I'll just save more on my next check or I'll make this back so let me buy these shoes now.Which was honestly okay when I was a little younger because I didn't have a single bill but as I got older I realized that I couldn't keep living with nothing in my savings account.
What has helped me save better?
First things first, write down your bills at the end of each month for the upcoming month. This will help you see what all you need to pay and when they are due.
Next, Write down all your extra expensives that you will be paying for ( expample. Gas, Nails, trips ect. ) After you have these two things down. mark or highlight the important bills or the first two weeks of bills and calculate how much that will add up to.
Now depending on how much you get paid. You will subract that number from your pay check. Those who get paid on a hourly wage might have to wait until you actally get paid or a week before but you can still do the same steps when you get access to your pay check or pay stub.
I also pay myself 10% of my pay chcek before I do any bill calculations because I want to save as much as I can. This is an important step for me because this is part of how I grow my savings account. Do whatever you can, do not stress trying to saving 10% because things do come up and I want saving to be fun so, if you only have $5 then save that $5.
Lets do the math.
Monthly Pay Check | $ 1200 ( made up number )
Subtract 10% To Pay Myself = $120 ( which I slit into both saving account
leaving $1080 to work with for bills. Say my bills come up to $500.
$1800 - $500 = $580 for extra expenses
extra expenses cost me $150 .
Leaving $430 as Leisure money for the rest of the month.
I hope you enjoyed this blog post.
I am not a financial advisor, just a young women in her 20's trying to live her best life. If you want to know more please comment or message me on any social platform @_Imdanita both twitter and Instgram . Don't foget to share to help someone else out :) Be Mindful & Beautiful.