Budget Your Coins Like a Pro

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Everyone wants to save money but when bills are staring you in the face, you wonder how to rub two nickels together at the end of the month? We all have vastly different incomes and expenses but whether you make $5K per month or $500 per week, you can and should set something aside for a rainy day.

Let’s say you have a job but you have no savings. You’re young, single, renting a shared apartment, and you may or may not be a student. If you weren’t born with a trust fund in your name, you’ve probably had your fair share of days with just $10 in your bank account. Perhaps you have been hoping to find some sort of guidance on managing your money a little better. To your surprise, you have come across this article and feel that it’s speaking to your soul. Please rest assured that I am not going to mislead you with getting rich quick plans or any grandiose schemes to build your fortunes. To save, or become a successful saver, you have to be disciplined, obedient, and diligent in making it happen.

The first step in becoming a saver is developing an appropriate money consciousness and using it to evaluate your budget. What is a money consciousness? It’s a mindset centered on incomes and outflows of funds. What outflows are necessary and which are discretionary. How much discipline do you have in managing your spending? With this in mind, put your budget in writing.

Open up a Microsoft Excel document and in cell A1 enter: “Monthly Income” then in cell B1 input the amount. Next, starting in A2, list all of your monthly expenses such as rent, food, cellular, gas, (transportation), insurance, cable, utilities, etc. Then in column B, enter the amount associated with each expense. Take the sum of your expenses in column B using formula =sum(B2:B??) then calculate the difference between your expenses and income. That difference is the total amount available for savings.

Not happy? Go back and review the leakages in your budget. What are your prepared to sacrifice? What are you willing to pull back on to expand your available funds?

Do you need UV gel manicure or can you suffice with a regular manicure? Consider in investing in a nail-care kit. Do you need a Brazilian full head sew-in or can you suffice with a nice wig for $60? The first step to increasing the amount of money you can save is to separate your needs from your want.

Carefully evaluate all discretionary spending

You NEED to pay your rent because you NEED a place to live. You WANT to have tips with a cat’s eye gel manicure because that’s what you DESIRE. Skip that for one month and buy two bottles of Essie nail polish. Vivica A. Fox has a great lace front wig collection that will make you pass on a $300 full head weave. You can also maintain that wig with Shea Moisture’s Jamaican Black Castor Oil Leave-In Conditioner and a paddle brush. I know we have some natural hair women that want to switch up their looks from time to time but be mindful of your budget.

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Saving requires persistence, compromise, and in some cases sacrifice. You should not let it negatively affect your ego. Take pride in your success and celebrate your savings growth. Now that you have analyzed the leakages in your budget, how do you save this extra money you have on hand?

The easiest thing to do would be to open a new checking or savings account. Whichever you choose, consider using a bank different from the bank you currently use. Setting up your savings at a different bank or credit union may help you deal with the temptation to transfer money between accounts. A little-forced discipline based on inconvenience can go a long way in avoiding costly spur of the moment decisions or habits. Set up the account to received direct deposits from your paycheck of at least $25. DO NOT ASK FOR A BANK CARD. Put this account out of sight, out of mind. By saving $25 every two weeks you save $50 per month and $600 per year. If you’re feeling ambitious, save $50 biweekly and double your savings to $1200 per year.

Honestly, this was the best thing I ever did for myself and later on, I flipped the money into cryptocurrency by investing in Ethereum, Ripple, and Litecoin. The more you save, the more you can invest and ultimately get a higher return. But your first step…develop a strong money consciousness, put your budget in writing, and plug the leakages, and then build your nest egg!


The Budget Friendly Approach

Time to start working on your budget! Feeling excel ready? Comment below!
Kesha Montgomery is the Founder of Susan & Me, a beauty brand dedicated to providing organic skincare solutions. While she’s developing this budding start-up, Kesha works as an Account Manager for Standard & Poor’s Global Market Intelligence (SPGMI) where she manages private equity and investment banking businesses. She has navigated the realms of Finance since her days as an Economics major at Spelman College in Atlanta, GA. Writing is one of her passions and something that she does in her free time.

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