Here is a post that will be a bit long, but I promise, it’ll be worth your time. One of the things that I am remarkably well at doing is spending my money well to get the things that I want and I am good at saving money. It is not to say that I haven’t wasted any money at all, I inevitably have. We have all made mistakes, but I have always easily been able to bounce back appropriately and quick, and that is because I save my money pretty thoroughly. I have heard so many people say “well, I can’t even afford a $75 shoes even if I wanted one”. I will not suppose that everyone has $75 to spend on a shoe, but I can assume that if you have a decent job, you can make it possible to purchase that $75 shoe or whatever else it is that you want. I will tell you how I and how to save money so you can splurge on the things you want.
Save, Save, Save
Saving is so crucial and so many people think that you have to have a lot of money to save, but you don’t. Every morning when you go purchase that coffee for $5.00 at Starbucks, you don’t think about it immediately but at the end of the week, you have spent $25…The same way if you save $ 5, you will have saved $25.00. I will not order you to stop drinking your coffee, but I will tell you to preserve however much money that you can daily, weekly or monthly. Even if you can save $1, $2 a day, it adds up. Every money you spend consistently adds up. Instead of buying a cup of coffee every day, I would purchase my favorite coffee brand (which is Starbucks) at Sams Club and brew it every day. It will take the same time that you would have spent buying that coffee to brew it, and that is $5.00 in your pocket that you can save or use for other things.
Don’t splurge on necessities
The top two things that we need as humans are food and shelter, and many of us need a car. For some of us, house and car are what makes us happy spending our money on, which is fine. There are many things in our life that we can cut our spendings so we can afford the finest of the things we desire. The easiest way to save money is at the restaurant. Food does make some of us happier than clothes. However, this is an area that I feel comfortable telling you to cut your spending because the food is just a necessity. Nothing more, We do not need to eat at a 5-star restaurant every day to be ok. We don’t! We need a good home cook meal. Stop buying restaurant food and buy groceries. There many youtube channels that you can follow to get recipe ideas if you don’t know how to cook. You spend on average $20-30 for one meal at a restaurant that one meal can feed you for two weeks. Here’s a breakdown;
Open A High-yield Savings account
I highly recommend saving your money into a High-yield savings account. These accounts are deposit accounts available through an online or brick-and-mortar banks that pay a vaster interest rate (or an annual percentage yield (APY)) than a conventional deposit savings account. Online banks can do this because they don’t have the expense of maintaining branches as traditional banks do, they can offer annual percentage yields of 1.50% or more which adds up in your pocket.
I highly recommend Marcus by Goldman’s Sachs
It takes $1 minimum to open your high yield savings account at Marcus. You only need a $1 to get started. Keep adding little by little and watch your money grow. A maximum of six withdrawals or transfers per monthly statement period is allowed. The most important thing is that this bank is a member of FDIC. The FDIC stands for the Federal Deposit Insurance Corporation, and each customer banking at an FDIC insured institution is insured to at least $ 250,000. There are other banks that you can use but based on my research they offer the highest APY’s.
Find discounts for your necessities
If you can find discounts for housing, phone bill, groceries, car note, use them without shame. Even if it is $2 you’re saving from your car note, that will add up to $48 for the year which can get you some lipsticks, cute sandals or a discounted purse.
- 1. 1 bag of rice- $6.98
- 5lb bag of chicken $5.99
- big bag or a couple bags of veggie $7.99
- That is $20.96 and more than a week of serving. In a week, you will save 24×7=168(-20.96)=$147.04 saved a week
- Let’s say your money is going to Chic Fil A or other fast foods that only costs $10 per meal. That is $10×7 days a week=70 (-24)=$49.04…..is it clicking yet? Please tell me it is. Your case may not be as excessive but calculate the amount that you’re spending on food and cut it.
40 Ways to Save Money on Monthly Expenses
Sell to Buy
You purchased a Kate Spade handbag last year, yea you got some use out of it, and you like it, but it’s not your favorite, favorite. You then see a new pair of shoes or a handbag that you have to have in your closet, but you’re second guessing the price. Well, how about you sell the Kate Spade handbag and use that money to help fund your new purchase? There are many stores like Plato’s closet, buffalo exchange that will happily take your items and pay you a pretty penny; you can also use online consignment stores or even eBay. Research stores in your area.
Quick cash, in person
Quick cash, in person
Fashion Purchases Tips
Now on to the fun part, is controlling the amount of money that you’re spending on the things that makes you feel sexy and glamorous.
Invest in good quality basics
Figure out your fashion style so that you can buy the appropriate necessities for your closet. Investing money in good quality basics will save you so much money over time, and I have noticed that when you have understood your style adequately, it is easier to spend your money only on the things that will be useful for you. i.e., I love simple shoes. I purchased some of those caged sandals at the beginning of the summer and have only worn them one time. I have tried to wear them numerous times it never works because I merely don’t like them. I now know for sure that I just do not care for shoes with too many details. I have avoided purchasing those shoes no matter how cute they are because I know I won’t be wearing them and I prefer spending money on things that I will wear.
15 Essentials to Build Your Wardrobe
Buy Lipstick That You Will Use Once A Week
Many of us buy so many lipsticks, yet we only use one or two. Not only do we waste the money but we consume a lot of space when we buy so much. Next time, you’re buying lipsticks, ask yourself “will I use this at least once a week?”. If not, you do not need it.
Stop Buying Body Sprays
Body Spray is one thing that I have entirely stopped buying. I use to always run to the bed bath and body works or the victoria secret sales for body sprays. This is one thing, you do not need. I have instead used my body sprays as air fresheners and purchase one good fragrance for the prices that I was buying my body sprays. Check out the post on the sexiest fragrance for women to help find your signature scent.
Invest in A Signature Fragrance
You do not need a million fragrances. In fact, I find it better to have one signature fragrance. There are different fragrances for different seasons, but if you discover one that is fit for all seasons, it will save you lots more money than buying a more than one. Find your signature scent.
Browse through the Top Five Sexiest Fragrance For Women for inspiration.
Many of us have so many handbags that we do not wear. We buy purses yet only wear our favorites. They sit in our closet and collect dust. Sell them and purchase essential handbags. You will get so much more use out of them. A crossbody, a tote, a clutch, and a satchel handbag is all you need for your essentials.
Four Classic Handbags That Are Totally Worth The Investment
Contemporary Designer Purses That Are Actually Worth Your Money
Designer Inspired Handbags
Similarly to handbags, we purchase shoes that we like and either wear them once or not at all. Find your personal style and buy essential shoes that suit that style and you will no longer get tempted to buy every cute shoe next time you go to a store. It works for me!
7 Essential Shoes Every Woman Should Own
6 Pair of Flats So Chic You Can Wear Anywhere
Buy Quality Weave Every 3-5 Years
We love to purchase a new weave, and the hair companies know this which is why they always have sales. I cringe at how much money I spent on hair extensions over the years. If I had just saved money and purchase one high-quality hair, I would have still been using it and would have saved so much. My tip is to buy 1 bundle at a time until you have reached your goal.