If you are reading this you might be struggling to save money. I feel you! 3 years ago I took the first step in living a financially stable life. For the longest time I lived paycheck to paycheck with a crap ton of debt and a credit score that was below average. Fast forward 3 years later and I have brought my credit score up to almost 750 (which for me is a big deal because I had opened 16 credit cards…yep 16) I also now have a growing savings account and I am no longer living paycheck to paycheck. I wanted to share 9 ways to never go broke and how to stop living paycheck to paycheck. These 9 tips helped me dig myself out of a hole and maybe it can help you too.
9 Habits Of Women Who Are Never Broke
1. Live below your means.
It’s so easy to get caught up in a luxurious lifestyle. I remember getting my paycheck and thinking, okay I have $xxxx to spend. I would spend it all. If I had it, I would spend it. I have since then changed my thinking and instead I take my paycheck and act as if I actually have less money than I really do. If I have $1,000 I actually have $700. It’s possible to live below your means.
2. Set financial goals
Having financial goals really motivates the crap out of me. If I have a financial goal, I am more motivated to reach that goal. One financial goal I have for 2021 is to be able to buy my first house and have a baby. I put these two goals at the center of my focus. If I can save money to make these goals happen, I will. I know I want $x amount of money saved for closing costs and down payments for a house and $x amount of money saved for a baby. I will throw money into those savings accounts whenever I can because I want to achieve these goals.
3. Set budgets
I started noticing a huge shift in my finances when I started budgeting. 3 years ago I was a full time waitress so my income wasn’t always stable. I had a general idea of how much I would make each shift but it wasn’t always accurate. I started budgeting out how much money I needed each week for bills and made sure that I put that money aside before buying anything else. (Weekly pay – bill money needed that week – money for savings = spending money)
4. Figure out your needs vs. wants
I realized that I was buying a lot of things that I wanted and didn’t necessarily need. The expensive coffee I had to have everyday adds up quickly! Think about things you might be spending your money on because you want it, and then think about how you could save that money for something BIGGER.
5. Don’t spend what you don’t have
My biggest money regret was opening 16 credit cards. I learned a huge lesson with my credit cards, don’t spend money that you don’t have. When you use your credit cards in a not so wise way like I did, you end up in debt with huge interest rates and end up paying much more than the actual cost of the product. If you don’t have the money to buy something, you are better off not spending. Some things that you can invest in would be a house, a car, or education. I will no longer charge that concert or expensive designer purse to my credit card.
6. Have A Savings
Like I mentioned before, have a savings account and work towards your financial goals. Another tip would be to have an emergency funds account. This account is dedicated to emergencies only, that way you don’t have to dip into your savings account.
7. Practice positive money affirmations
I used to think of money in a negative light. I never had any money so it was evil to me. I listened to a lot of mindset podcasts that opened my eyes. I started to practice positive money affirmations and it made a huge difference.
8. Have multiple streams of income
3 years ago I also took a step forward and started my blog. This opened up so many opportunities and I realized that there were so many ways to make money online. I researched and implemented how to make money online and how to turn my blog into an income. One year later I was making more money online and working from home than I did at any other job I had. I was then able to quit my other miserable waitressing job and I have almost tripled my serving income. There are so many ways to add multiple income streams, take advantage of it!
9. Pay of more than the minimum
If you do have credit card debt or any debt bills, always try and pay more than the minimum. This will help you pay it off quicker and save money in the long run. If you just pay the minimum you are probably going to be paying off interest for awhile.
I hope you found these tips helpful! You might also like: