Financial Tips From A 20 Something

So you want to save money, and build financial stability but you feel too overwhelmed to even figure out where to begin?? Trust me, I have been there more times than I would like to admit. The biggest lesson I have learned along my financial wellness journey is to start where you are right now, and take small steps you can maintain to build up your savings account overtime

I am by no means a financial advisor so I won’t be teaching you how to invest, or give you advice in that realm. I am sipley a 20 something who wasn't taught much about money or financial wellness trying to figure it out now in my early adult life. The tips I've learned and created for myself have allowed me to save more than I spend, travel across the country without breaking into my savings accounts, and allowed me to feel stable and secure in my finances. 

These tips may seem simple, and maybe insignificant, but I recommend you try a few or even one and see how it impacts your financial wellness overtime

Unsubscribe / Unfollow

How many emails do you think you get on a daily basis from brands' mailing lists you subscribed to years ago? I personally average about 15 a day. I have found that the more media I am consuming that is encouraging me to make a purchase, the more likely I am to make that purchase impulsive and regret it later, wishing I had my money back. It takes only a few seconds to scroll tot he Botton of your email ad click the unsubscribe button. I committed to unsubscribing to any promotional email I received over the course of the week and I now receive a significantly lower amount of those emails & have decreased the amount of impulse buys I have made in doing so.

Auto Draft

A tool that has  transformed my relationship around money in terms of stress was setting up auto draft on all of my accounts. That means whenever I receive any payout a certain amount is taken out and put aside for taxes because I am self-employed. I also have auto draft set up for my car payment, my retirement, as well as investment funds each month. Some employers offer this paycheck, some may not or you may be self-employed so this is a great option to explore. I also pay myself monthly so whatever other money is left over after auto draft and paying myself goes into my savings account and I don't touch it. This is really help simplify my mindset and keeping my thoughts around my money situation more organized 

Keep a journal 

When this was first suggested to me I definitely rolled my eyes because I couldn't imagine that writing about my purchases would help me save any money but it has truly been a transformational tool for me in terms of saving money and making smarter purchases. Essentially I keep a journal where I record what I buy and how it makes me feel. I usually fill this out every day or two depending on how much purchasing I have been doing in that time frame. Sometimes I just write what it was and I put a thumbs up or thumbs down, sometimes I write a little blurb about why it was necessary even if I didn't really want to spend the money such as groceries or bills, and sometimes I write that it was an impulse buy whether that's food, clothing, and experience and whether that impulse purchase made me feel good or not. This allows me to reflect not only after, but also before I make a purchase. Before I insert my card or hit purchase on my computer screen I reflect on the fact that I have to write this down later and ask myself how is this going to make me feel when I'm journaling about it later. When this was first recommended to me it was just for three weeks, but it's something I have continued to do for the last six or seven months and it's been a really big help for me to reduce my impulse spending as well as being more mindful when I spend my money.

Mindset

I am sure that we have all heard of an abundance mindset or heard someone tell us that we should focus on abundance instead of where we lack. This may be a super cliché bit of advice but I really think it's something that we all need to consider and challenge our views on money and how it makes us feel. Most people grow up feeling insecure about money because the adults around them are projecting those insecurities a word. This May seem insignificant as a child but the older you become  the more you will come to realize that the perspective that you have on money has a lot to do with how you were raised and how you heard finances talked about as a child. When I say abundance mindset I mean focusing on what you have, and expressing gratitude for those things and to the universe for providing for you and your needs. By recognizing all of the abundance that's already in your life you're only showing the universe that you're ready to take on more be in your relationships, belongings, experiences and opportunities, or particularly in money. Realizing that there's enough money out there for everyone to not take away from your own money is key when focusing and developing an abundant mindset 

Saving money and being mindful about it doesn't have to be extravagant or overwhelming. Creating small habits and tools that work for you, your circumstances, and your goals is the key to feeling more financially stable and capable.