by Aaliyah Shalawn
#Pynkgirls love the finer things in life, but we also like to save and invest properly into our future. It can be frustrating when trying to establish a budget and stick with it, but here are some easy ways to ensure you are staying on track.
Set a weekly spending amount that includes everything you need including groceries, transportation, and household needs. Use the cash that has been set aside for the week and discipline yourself to only use your credit or debit card in the case of an emergency.
In making those #pynkcertified purchases be sure to keep all receipts and balance bank books and match monthly statements. Not only does this help you gage and monitor your spending, it also allows you to double check accounts for errors, you’d be surprised how many banks and retailers make mistakes in pricing. It’s always better to be safe than sorry.
SAVE THAT CHANGE
Is the bottom of your purse and haven for change? Has the zipper on your change purse broke because there is so much change in there? Grab a nice sized container and throw all your change from monthly purchases in. At the end of each month take the change to the bank and have it deposited in your savings account. Make use of the term “every penny counts”.
PRESET HOLIDAY SPENDING AMOUNT
Do you always spend more than you would like to holidays and birthdays? Most banks now offer savings accounts specifically set up for holiday and special occasion spending. Make your list, check it twice, set a budget and have it automatically deposited into the account all year. This eliminates last minute impulsive spending and allows you to stay on budget.
SAVE VS SPLURGE
You’ve just received that holiday bonus from work, your income tax refund, or even winnings from the lottery or casino, ready to hit the town and shop away? Wrong answer. If there is nothing of necessity, or any emergency, take all extra money not connected with your income and put it into savings. In general two to three years of saving an income tax return is equivalent to the down payment of a home.
Let’s face it we all love money, and shopping is always great, but saving money allows you to save for big purchases like education, homes, and cars. Once you have established a budget that works for you, there will be plenty of opportunity to paint the town read. Happy saving #pynkgirls.