Adulting (Success) No. 3 How to: Money Management 

My whole life I’ve been a money saver. When I would get money for birthdays or holidays it would always be put away for a later occasion. I’m not sure why that mentality always stuck with me, but I’m grateful for it. My family members know that I’m very strict on myself (and quite stingy to say the least) about how and when I spend my money. God has blessed me with a sense of financial security to the point where I feel pretty confident at even my young age. I thought I should share my tactics with my readers and maybe they would help you as you make your way into the adult life with me. 

The most important thing I want to discuss with you is where to put your money. I currently have 3 different accounts. 

  1. First of all I have my savings account. This account is pretty self explanatory. Not everyone is in the position to save up a whole lot of money at one time. But for example small dollars and coins will actually go a long way. Saving coins played a big part with helping me buy my first car. For my situation (and probably many of yours as well for college students) you may not have many bills -I pay my car insurance- so if I made $250 to $300 that week (working part time for example) I would put $100 in my savings account. I did this no matter what. It takes a lot, but I suck it up and say “this is going to help me start my own business one day” and just do it. 
  2. The second account I have is my Bills/Emergency account. This is another savings account, but there’s more leeway with this one. Say one week you strike a little gold (instead of $250 you make $273.45) that extra $23.45 would go into this bills account leaving you with $250. Then you would put the $100 in the other account. Now you’re probably saying to yourself “Lol yeah right. That extra 23 bucks could buy me like 4 or 5 coffees.” I know, I know, but doing this will slowly build up another pile of money that you can withdraw your bill money from, like a little safety net protecting you from poking into your savings. Now if something comes up and you need an extra $35 or $60 dollars you weren’t expecting to dish out this week, you have a nice little stash you can withdraw from. 
  3. Your checking account is the last one. It’s where all your spending money lies. So to recap you had $273.45. Put a little in your emergency account leaving you with $250.00. Put more in your savings which leaves you with a huge amount of $150.00. So this money management is obviously aimed at someone with perhaps a part time job and only a few bills, not grown adults with children and such because obviously I’m in no position to give advice on that. Okay, so for a 19 year old college student like me I look at that $150.00 and I see $20.00 for gas, some money for food and hanging out with friends, and maybe a small trip to Sephora. 

    But the holy grail pot of gold way of growing your money is this last tip. Now that you have $150.00, try to spend around $80.00 or $120.00 until next pay day. You’ve already did the responsible stuff by putting money and way in savings, and now I’m telling you not to spend the rest??? By all means yes, treat yourself. But if you spend less money then you make, you will eventually gain more and more money. 

    Let’s say you spent $120, leaving you with $30. The next week you do the responsible stuff and end up with $180. Spend some of that and the next week you end up with $200. The next week you end up with $245 and so on. This last tip will get you where you need to be where you can stop living pay check to pay check. Trust me on that. It takes a hell of a lot of discipline to tell yourself “No, I don’t need large fries on the way home.” Or “No, I can just wait until Friday to go get that book I really want”. It is super super super hard, but trust me, it pays off so well. 

    Now they are also some small ways of saving. Something I always did was put my coins in a piggy bank and rolled them up. Like I said, doing this gave me a few extra hundred dollars for buying my car. There have been stories of people saving like $700 in coins alone. How awesome is that? That could be you. 

    Another way is being unafraid to ask for discounts. When I buy work shoes I ask if they have a coupon I can use (since obviously I don’t just buy nonslip shoes for no reason) and they give about 15% off. Or if you go out to eat, ask if they have any specials going on right now. Also, looking for coupons before you go shopping is a get way to save a little extra money. 

    So far this is how I’ve been managing whatever kind of income I do rally up. I hope it helps the other struggling adults out there like myself. Thanks for reading!!

    2 thoughts on “Adulting (Success) No. 3 How to: Money Management 

    1. Wow, great topic. Especially now that you can see bloggers/youtubers showing hauls or new stuff all the time. Not so popular subject in blogosphere and I’m glad I could read your tips on managing and saving money. Thanks!

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