Save Money, Live Debt Free

Rules I live by: Need Vs Want, Sacrifice and Living Below your Means

Create a budget

Write out all your fixed expenses ( this includes Rent, Car Note(s), Utilities, Insurance, Food, Netflix, Spotify apple music etc. Basically any reoccurring payments you are not planning to cancel and calculate total.

• Then you need to take your monthly net income total and minus your total fixed expenses :note your total remaining

• Example if your net income is $2000 - and your fixed monthly expenses are a total of $1500

• You will have $500 left over, you should be taking $300 and putting it in your savings. This will leave you with $200 for Miscellaneous.

Set your goals

Set a realistic financial goal in order to set yourself up for success. For example: every 3 months I set a financial goal to reach. If I plan to save $1500 in 6 months ( again different for everyone you make your goal what you are comfortable with / can do). Then I know I must save $250 a month for the next 6 months to do this. I came up with a $1500 goal based on my monthly net income minus fixed expenses so it is realistic for me to meet without stretching myself thin. If I can add more to the $250 I do this as well.

TIP - Check your Banking app to see if there is a " create goal " option it tells you right there how much of a contribution you will need to make in order to meet the total you put in and track it all for you.

Track your Spending

Write it all down

• Buy a little notebook from the dollar store , Use Note pad on your phone or even download a tracking app for spending. It is important to see where your money is going and then you can work on it.

• TIP :If you do not have a budget for Food create one! You should be planning your meals, take the time to create a list and take this to the grocery store so you do not over spend. Also limit eating out to once a week. I notice a lot of my money went to take out on top of buying grocery. It's a habit most of us need to work on.

Make a plan

• You are making that plan by completing the first 3 steps great job!!! Being realistic with your plan is important as you do not want to create unnecessary financial stress.

Don’t be afraid to make adjustments

• If you set a goal and start worrying that you will not be able to get to it. Without cutting yourself to short in other areas. You can certainly make that change. However ensure you keep checking in every 2 weeks or month on your spending areas. And see what needs to be adjusted --- always remember NEED VS WANT and live below your means to get ahead.

• With anything in life the most important thing is, you need to want better for yourself and put in the effort it takes to get there

Tips I live by

• If your job offers overtime do that at least once a week if possible for a few hours.

• I tend to do this when I know I have something extra I want to do. This way the extra money can cover it and you are not stretching yourself thin if you are already on a tight budget.

• And even if you aren't do it anyways and invest in stock, add to your savings, do something nice for yourself (self care), your hobby or side business.

• Pay those minimum balances keep your credit in good standing. This leaves you to take advantage of balance transfer offers. Don't be afraid to reach out to your bank.