I love money, but I hate budgeting. I always thought it was boring and tedious, but, my mother taught me why I need to do so and how to do it without ripping my hair out, and so began my love for lists.
I'll make a list out of anything. I love them, so budgeting is really easy for me, but I lose things, often, so I can't write it down on a piece of paper. I have a lot of help with budgeting and when I tell people about the things I use, I'm super surprised that they haven't heard of them before.
Anyways, once every few months, I sit down and reassess my budget (a little sooner if I find myself constantly running out of money).
one. Have a checking AND a savings account.
You'd be surprised how many people don't have one or both (even though I can understand their reasons for not having one). Especially people my age or students. I always tell them to do a lot of research before they pick their banks. A lot of banks have student programs, which have lower (or no) fees and usually bundle a checking and savings account.
two. Make sure you write down your non-variable costs.
Rent, Phone Bill, anything you pay for every month that won't change. I always add gas into this category, because running out of gas on the side of the road is a no no. Write down what the bill is, when it's due, how much it is and how often you pay it. This also goes for "credits" or money you receive.
three. PAY YOURSELF!
This is so important. Whenever you get paid, put some money aside in your savings, that way, if you have something you're saving up for, or just want a little cushion, it's there.
four. Online banking is a must (for me at least).
Most, if not all banks have online banking for free AND mobile apps for smart phones (if you're like me and need your info/balances at the tip of a finger). Also, if you're like me, I never go anywhere without my phone and it is a lifesaver, because I can access everything I need. There's an app called Pageonce (available for Android OS, iOS or simply online) that allows you to have access to all your accounts/bills in one place, pay from the app, mark your calendar when things are due, alerts you when each bill has been paid (direct debits) and also password protected so no one can just look into your information. I love it. It makes things so much easier.
five. Only use your checking account for bills.
I know a lot of people don't like to do autopay/direct debit from their online accounts because of the way banks process payments and fear of fees (which is completely understandable). A very smart man once told me that using your checking account ONLY for bills is the best way to avoid fees from the bank. Which, goes along with writing down your non-variable costs. Any other money, can be placed in your savings and just transferred to the checking if needed.
six. Build your wealth.
Besides just building up your savings with regular deposits of whatever amount you can afford, you should definitely look into broadening your financial horizon. There's no bad time to start saving and planning for your future, but it's really great to start looking into investments (stocks, mutual funds, annuities) that might be right for you.
seven. Ask for help.
When I started trying to save, I was lost. I thought I could do it by myself, just google some stuff and that would be it, I was wrong. I know several people who deal with money on a daily basis (in several senses) and when I got serious about saving, I asked around about the best ways to start saving. Companies that help you build your financial portfolio, companies who handle annuities and which mutual funds were best. Asking for help is the best and most important step, or else it may see, like you're drowning.
