Hi guys! Welcome to the blog! I’ve been really motivated to start talking more about wealth building/management on this blog. Without a doubt, a lot of people’s everyday stresses are structured around money or lack thereof.
I see a lot of bloggers talk about lifestyle, fashion, travel etc. but rarely if ever cover the topic of money. I took it upon myself to add this very valuable yet touchy subject so that my readership is always getting something practical and of value from me. This is the reason why I started the Money 101 series and structured my blog to be very holistic in nature.
Personally, I have struggled with money all throughout college and just recently came in terms with educating myself around budgeting/ tracking my spending/saving/investing and wealth building. Just by creating and sticking to a budget and tracking my spending, I have seen tremendous changes not only in my bank account, but also in my thoughts around money, spending and investing.
In this series, I hope to guide you towards financial freedom and maybe ease some of your daily stresses. With that said, here are a few easy ways you can start saving money now. I hope you use these tips and share with someone(s) who could greatly benefit.
Have a savings account
No brainer. The trick is to have a savings account in a different bank (preferably your local credit union) Credit unions tend to offer high interest rates and better benefits
Keep your savings and checking accounts separate
Keeping your savings account and checking accounts separate and in different banks will not only help with logistics, but also prevent you from easily transferring money and spending it.
Keep your savings account as untouched as possible
The whole point of having a savings account is to either save for a specific venture or as an emergency fund. It’s best if left untouched as much as possible. This is very crucial.
Another no brainer. Take a look at your favorite stores and save their coupons. It’s easier now as most stores have apps that save you so much time. Take advantage of all sales as well.
Use cash back rebate sites such as Ebates
Cash rebate sites like Ebates offer cash back everytime your use their like to shop from your favorite stores. You can use Ebates on and offline. I have used Ebates for 1 month now and got $20 cash back.
Consider shopping only during sales
I personally shop only during sales. Any smart person will lol on a serious note, you can find designer clothes for ¼ the price during sale.
Shop a season late/early
Shopping a season late/early can help save you more than ¾ of the original brands. Even designer. Trust me, I do it.
Move your savings to a bank providing higher interest rates
If you already have a savings account, you can shop around for local credit unions that offer higher interest rates.
Live within your means
Very crucial. Stop competing with the joneses and live within your means.
Take your tax refund straight to a savings account
I’d suggest you take ALL of your tax refunds straight to your savings account. This is one of the surest way all of us can start a savings account without excuses.
Pay off loans with high interest rates first
Contrary to popular belief, paying off debt saves you money. Especially paying off debt with the largest interest rates as fast as possible.
Sell your crafts on Fiverr
Selling your crafts such as illustrations, drawings, etc. for commissions on websites such as Fiverr could be a very lucrative way to gain money if you have skills and save you money if you need graphics, logos, favicons or illustration designed.
Sell your stuff
Yes sell your stuff. Selling your stuff will reduce clutter and bring you money. So many websites and places can give you cash for gently used products. Look online and in your local areas.
Consider buying second hand
Buying certain items secondhand can save you quite a buck. Places like Goodwill, Savers, garage sales and even auctions are ideal for low prices on high quality products.
Keep you credit card spending at 4% or less
This is highly encouraged by banks in order to keep your credit score unaffected. The more spend on credit cards even while making regular payments, the poorly it reflects on your credit score.
Recognize Needs vs. Wants
This is another really important tip to help you anytime you go shopping. It will help you become a mindful shopper and avoid unnecessary waste of money and resources.
I hope you enjoyed this blog post and maybe learned a thing or two.
Side Note: In the past blog posts, I have shared a few money savings tips so feel free to browse around the blog. Along with these tips (especially the entire New Year, New You series) you’ll be on a quick road to wealth building.
As always, thank you so much for your love and support, subscribe to the blog, follow me on Instagram and Twitter and keep an eye out for new blog posts EVERY 5th, 10th, 15th, 20th, 25th and 30th of the MONTH
With much love,
Welcome to the blog!
My name is Phili. I am a real estate agent and blogger based in Boston, MA.
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