Hey there, old friend.
I know it’s been a while, and although I wish my excuse was that I was working on being 25 sittin’ on 25 mil…I’m really about to be 25 sittin’ on 25 bills. Thanks Drake, you crushed my dreams. But your Coachella performance makes up for that. Anyway’s back to the main event, SAVING THOSE DOLLA DOLLA BILLS YA’LL.
Time to consolidate. Here’s my tips on how to understand where your money is going and how to save those extra hard earned dollars.
1. Take a peek into your credit card/debit card accounts to see if there are any auto-payments or recurring expenses that can be diminished. For me that includes $49.99 monthly for massage envy (I truly thought I would be getting more facials when I got the membership…whoops), weekly Uber rides, a strange addiction to iced coffee, and an overpriced yoga membership at $125 a month. In total, my unnecessary expenses were adding up to about $300 per month that I could be instead investing into a high-yielding stock.
2. Find a way to manage your daily/weekly spending. Give yourself an allowance for all of your expenses and make sure to stay within your limits. A good way to figure out what your weekly spend should be is to calculate your monthly income, then subtract the amount that you want to save as well as fixed expenses, and divide what’s left by 4.5 to get your weekly allowance. A great app to keep track of how much you have in your allowance is Left to Spend, which keeps track of your daily spending habits and gives you an allowance to stay within. Gamifying your finances and turning it into a fun way to save more money. The only setback, the app costs $4.95, they had to get ya somewhere. Right?
These two simple steps will help to identify where the savings gaps are, and how to get back on track to maintain your dedicated budget. Now, while I’m thinking that on the backside of 24 I might be a little shy of 25 mil in the next 6 months, at least I have some tricks to pump up my savings and investments. I may also become a multi-platinum rapper on the side. I’ll keep you posted on how that goes.