Let's talk about money!
I was watching a local show and finance was brought up. The guest speaker said that a person's background reflects a person's action with money. The example she brought up was that after she got her first job post-undergrad she found herself in a hole. It took her a long time to realize what made her go in that direction, but after a lengthy reflection she realized that it was because of her past. She still had things from her past that she didn't finish dealing with and that caused her to go into major debt and/or spend "lavishly." When she was finally able to make this realization and get to a good point in her life financially, she decided to dedicate this knowledge to others by building a business in helping others with their finance.
As I reflected on her personal experience I understood what she was saying. There are families that live paycheck-to-paycheck and the last thing on their minds is to save their money or don't have any type of discussion with their children about money. Sometimes it's a generational issue, where it's because they grew up not having the discussion either or sometimes it just wasn't "a thing" to do. So of course, when the children grow up they too don't know what to do with money themselves. They finally get a job that pays well and they think to themselves, "I can finally buy all these things I never got for myself!" and end up drowning in debt or realizing they made a poor purchase. Others end up running into the law.
When I told my husband what I was blogging about and the story that aired he brought up a possible reason for the debt the guest speaker occurred. I thought he brought up a good point, because she didn't reveal what it was exactly that brought her to that point in her life. Whatever problem she had in her past that she didn't finish resolving, she was using her money to fill that void. This made sense to me and I think you can think of a time in your life where you filled something else in your life when something else was gone or replace with another thing.
Personally, I come from a family where money is discussed, and saving and investing is important. I was fortunate to have a savings account started at a very young age. When I was old enough to have a job I would add my own money from what I earned to the account. I know...that's not what most teenagers think about. I was able to spend money too, but I decided to save a little feeling that it could be helpful for me down the road. When I got my first "real" job I had more advice from family to invest my money. Knowing not a whole lot about what I was told, but trusting my family, I invested. I look back now as a thirty-something and I can see all the positives of not only the advice given to me, but the financial literacy and discussions we had. At this point in my life, I also feel pretty comfortable about what I saved, what I plan to save....and you know, I'm still working on all of it.
So what finance tips do I have?
Save NOW
Okay, you're probably thinking "YOLO!!" and why should you save, right? No, I get it. You want to spend stuff on what you want and you don't know what's going to happen if you don't do it. What I'm talking about is if you haven't even been saving and you're in your twenties, then you really need to save NOW. A good place to start is when you get your first "big girl job." (I'm not mentioning anything about during college, because I get that there are already some financial instability there, especially when you're a first generation college student or money is already an issue for whatever reason). The company you work for probably has some set amount for you to invest in your retirement. If you feel like you could double that amount that's even better.
A savings account is a simple way to start. It's convenient to have your savings account where your checking account is, but there's not a rule that says you need to save your money with them too. Take some time to shop around and look for the best rate at the time. One thing I noticed is that if you go with a credit union they may have a better interest than your typical well-known bank. Yes, this may mean you will bank with more than one bank but why does that matter if you can get a little extra ca-ching? When you find a savings you could benefit from, make multiple accounts to save money for various things you want to save up for. "You can do this?!" YES!!! This helps distinguish what money is for what and you don't have to calculate if you have enough for one thing or the other.
When you have enough money to put down, look into money market accounts. Same thing here, shop around. Interest rates change, so you don't have to immediately start one. A big difference here is that there is a minimum to put into the money market. Every place is different in money market requirements, so make sure to read carefully or ask. A nice thing about money market accounts is that the interest is much higher than a traditional savings account. Other things such as a fee or limitation to what is taken out are a few differences with a savings account.
Stay HOME
You're probably rolled your eyes as you read that. I know - you're thinking I just graduated from college, I want to be an adult, I don't want them telling me what to do blah blah blah blah BLAH...
For a really long time, I felt very embarrassed living at home in my early twenties. I longed for that "adult" feeling, especially growing up with strict parents and expectations. When the topic came up with my co-workers (all who were much older than me), applauded me for staying home with my parents. I was actually shocked. The more I kept hearing about it, I forgot about feeling embarrassed. I felt proud. They said if they could do over something at my age it would've been to stay home to save money. I know this is a blow to the ego, but it honestly is the truth. Like they say, the truth hurts...it's the real deal.
Now that I'm in my thirties and have gone through some major milestones in my life I see all the benefits that came out of staying home. When you're much younger (which by the way...did you know that a female's brain doesn't fully develop until about 25 years??? Yup, so forget about the law saying that by 18 "you're an adult") you analyze your situation and you try to convince yourself all the reasons to leave and you can make a list of pros and cons a mile long, but it's a short term situation. A short term living situation that helps you in the long run.
Have you dreamt about that fairy tale wedding you want? How about that cozy home that you'll be in with your own family? What about that car you've been eyeing?
It'll be worth it. Just tough it up. You CAN do it.
Coupons & Deals
I LOVE COUPONING AND DEALS!!!
Seriously. I do. Now you don't have to be part of a couponing club (I tried to go to a local couponer's meeting once) and know the lingo, but using coupons or coupon codes is beneficial. I try to use coupons and promo codes as often as I can. Why pay for something full price? Following couponers is also one less thing for you to do, since they find all the best deals for you and even FREEBIES!
Okay, get to the real stuff! Here are some of my favorites:
coupon/promo codes - Simply Google coupon codes with the store name. You might have to try a few codes before you find one that works. Some sites even have an indicator to tell you if the coupon code works, so you can skip over those.
TheKrazyCouponLady - This is the one couponer I have consistently followed, because the site is simplistic compared to other couponers I've tried to follow. The app is great to use as well as you can go to specific categories. My favorite is the Freebies section. I also love that you can personalize the stores you mainly want to receive notifications about as well.
Krogers - Hands down the best! So it's kind of creepy how it's the best, but it certainly does the job. You'll first want to get your own Krogers card. Use this card for EVERY transaction there. The system picks up on your spending habits (the creepy part) and mails you coupons on purchases you've made. How helpful is that?! I love that I get coupons on things I actually buy. Sometimes you even get free item coupons! I also enjoy their fuel rewards. For every 100 points earned you can use it towards 10 cents off a gallon at Shell or Krogers fuel. They sometimes have specials where your points get doubled or even 5X the points, so you get to hit two birds with one stone. Save on groceries (probably one of your biggest expenses) and gas!
Rakuten - DOWNLOAD NOW! ADD THE EXTENSION TO YOUR BROWSER NOW! "Why?" you ask, BECAUSE you get paid for shopping!!! Certain stores give a certain percentage for shopping at their stores and sometimes they will have specials where the percentage is higher than usual. A plus is that Rakuten will look for coupon codes for you, so you don't even have to go through that first suggestion I gave you! I've added their extension to my Google browser and Rakuten automatically lets me know if the retail store I'm shopping at provides cash back. I like the extension much better than the app, because you'll have to go through the app in order to get the cash back. My favorite part is getting my "Big Fat Check." It arrives every 3 months. They also have an in-person use, but I have not personally used this feature yet. If you give it a try before I do, let me know your experience!
I've linked a Rakuten sign-up in this blog, so once you spend $25, you'll get $25 back!
Sign-up for Points
This is mainly beneficial for places you go to often. It only makes sense that you sign-up for places you go to often, because you'll be able to rack up more points when you go there. Plus you don't want that many emails coming through. I won't name any places, but nowadays there isn't a place that doesn't offer this. They want you to sign up for their rewards. In turn you get some freebie or other in return.
Sell your stuff
You don't have to go the minimalistic approach, but I'm sure you have items that you don't need or haven't touch in months. I enjoy selling my old clothes to places like Clothes Mentor and Uptown Cheapskate. I know people complain that they won't take your clothes or they barely give you anything, but you have to keep in mind that they're buying from you to sell in their store. If it's really something that you don't care for anymore, then it'll be worth it to get some kind of earning for it. What I like about selling to the stores is that you have two options for selling to them: 1) provide cash or 2) get store credit. The store credit option is usually a little higher than the cash, because they want you to buy from them. Recently I found out that Clothes Mentor will store the credit for you to use at anytime, so you don't have to feel rushed to buy.
Also, there's plenty of sites/apps now that will allow you to sell your items and meet up with locals which is another great way to connect with the community around you. Just be careful.
Cook
I'm actually not that into cooking, but I know it saves a lot of money than going out. You probably have already realized this too. Even if you can make a commitment to a few nights a week it's better than nothing. One of the things I did in my early twenties was meal prep (no idea if that was even a thing during that time but that's what I did). Every Sunday evening I would make 3 meals that were exactly the same and 2 other meals that were exactly the same for my work lunches. It also provided me time during the week after work to focus on me. The upside of meal prepping is that you are spreading out the ingredients across the week. Also if you are able to figure out meals that use similar ingredients that will save a lot of money as well.
So Ladies, let's get bankin'!
