Every Penny Counts!

Happy Wednesday!

One of the reasons why I love talking to older people is because, you can learn a lot from them if you simply listen. Saving your money is one thing that older people (like 45 and up) always advise us young folks.

In my previous Blog, I touched on ways you can save (click here to check it out). SAVING YOUR MONEY is the best thing you can do! Lets be honest here, when you are ready for retirement, every penny counts. You don’t want to have to be like the older people you see at Walmart (no offense to the ones that work there. Sometimes you have to what you have to do in order to pay the bills). 

I have listed 5 ways you can save your money below.

1. Create a savings account!  

Creating a savings account can go a very long way. I have two. One is for my student loans and the other is for my retirement. I have a set amount that automatically comes out every week and goes into my saving accounts. You can start with as little as $5 or $25, just put something aside. I do not have a card to either account and they are not attached to my checking account either. One bank I have is very far and lets be honest, I am not driving 45 minutes to pull out money.

2. Save the singles!

Yes, I said it. Save all of your singles. Whenever you break a $5, 10, 20, etc. bill save the singles. Just put them in a box somewhere in your house where you would last think about. Trust me, it adds up! My best friend told me to start doing this and I must say the singles adds up!

3. Change equals dollars!

When I use to work at the bank, people always brought in coins and exchanged them for dollars. I started doing this and I cannot tell you how much I have saved and how much my coins turned into dollars. I don’t spend this money either. I put it in my savings accounts (most likely I split the amount between my retirement and loans account).

4. Create a budget sheet!

I write down my daily expenses and my bills about every month (they vary from month to month at times. Depending on what I added to my bills). I calculate up how much I get paid monthly and weekly and I subtract the money I’m saving, groceries, and my bills. With whatever I have left I put up about $5 for emergencies (they can happen and most times they happen unexpected).

5. Don’t over spend!

I’m not saying you cannot go on a vacation and you need to live on a tight budget. However, lets be honest here, we all deserve to splurge a little every now and then. I’m just saying do not over buy what you do not need. Most times when we make more money we spend more money on things that will not benefit our lives because we can.

The main thing I have been advised by my grandparents, aunties, uncles, and cousins, is to SAVE MY MONEY. They told me to learn how to make an investment as well. I guess that would be the 6th way to save your money.

***(Bonus) 6. Invest your money!

Learn about investments (stocks, trades, CD’s, etc.) and invest your money. Investing your money is one of the best things we can do at our age. It starts when your young. It may suck at times, but trust me it will pay off.

Let me know what you think! If you have any other ways you know how to save, leave a comment.

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