I’ve Never Been A Millionaire But……

Representation (8)

So let’s talk about one of my favourite topics …Money! And at the risk of that sounding a bit materialistic I was referring to the management of  money. It’s one of those things  I have always had a natural aptitude for. Since high school I’ve been integral in the planning of family spending and in charge of my own bank accounts. I often took charge of my friends lunch money so they wouldn’t spend it and I would help them save. As I grew older and started making a little  money of my own I became more interested in how I can make money work for me. I started doing more research on budgets , type of accounts and saving plans and investing.

As a “recent” graduate there have been way more expenses than I had in university and as challenging as it has been there are a few things that I am learning and getting better at :

1) Making a budget – I can’t stress this enough , the less money you’re making the more important this is. If you are  “ballin” you can afford to not care as much but if going to a party every weekend is the difference between eating patty every day for lunch or eating a box lunch you need to know. Opportunity cost becomes  very important the less money you have. Eg. I know if I dine out one too many times per month that will affect how much I am able to spend on groceries and my daily lunch means a lot to me so I will definitely skip a few restaurant meals for well prepared lunches during the week.

2) Allocating Savings – Within this budget there are two things that I think are very important : Savings and Personal Expenses. Savings are the first things I allocate , I have a few different accounts as I like to separate my savings but that’s a personal choice. “Personal” funds for me are anything related to entertainment , personal care and the occasional online shopping moment. This amount changes based on what I have going on or what I want to do that month. You have to get creative with this because you don’t want to be making withdrawals from your savings because you didn’t plan properly for that night out with your friends.

3) Tracking purchases – This is a key part of the budget , making a budget means nothing if you don’t plan on sticking to it or still spend your money all over the place.  I downloaded an account tracking app and it has definitely been a life saver. I input all my withdrawals/ deposit as soon they occur so I can always know how much money I have available in my account and if I can afford to take advantage of that 50% off JustFab sale or not.

4) Learning and researching – I am always reading more blogs  that focus on money management and checking out new sites to keep improving my  skills. One of my favourite sites is : It comes with a lot of trial and error as you figure out what works for your life. Eg. I can’t automate larger payments because my pay day varies from month to month. So i will pay those manually so as to not have any missed payments.

5) Final Tip : Prepare for the Worst. Expect the Best. I’ve had a lot of months that go complete awry , late salary , late billpayments and excessive late fees but that is an aspect of every plan and life in general. I just have to do what I can with what I have and try to make sure the next month I get back on track.

Hope you found this helpful. Feedback is always appreciated.

Love and Light,
Rushell

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