Oh, You Have Money!

Have you ever seen something online and wanted the item or service? Guilty! I have tons of things added to my Amazon wishlist. Some of the stuff will be in my cart for months.

I saw a cute belt that I wanted. I googled it and learned that it is a Gucci belt that ranges in cost of  about $600.00 – $1,000.00. So, the way my bank account is set up,  I ball on a budget.

Translation -I’m not ballin’ at all ‘yet’.

I told my friend, if I purchased this belt it would be part of my daily uniform. Every single time you saw me, I would have on the belt. And yes, I do mean everyday. Where is the lie? lol. So, if anyone from Gucci is reading this and would like to send me a belt, holla at ya girl, I’m not picky but preferably the black and gold one with double GG buckle. Lol.

Anywho, while I love to window shop,
I am grateful that I had a sister that taught me how to budget. In addition, to teaching me, she also shared personal stories, which were tremendously beneficial. S/O to my big sis Tish!

However, saving and budgeting can still be a struggle for many sometimes. I have adopted some of the principles that I am sharing below that helps me live my best life on a budget!

I believe that knowledge is power, so here are five tips that I learned from attending a conference with The Budgetnista last year.

Sidenote: If you don’t know who The Budgetnista is, Google her. She has amazing practical tips you can use for budgeting and a lot of her stuff is free 99.

5 Useful Tips for Budgeting
1. Have a budget. Write down what you spend monthly versus what you make monthly. Every purchase matters. You should ask yourself before every purchase three questions:
Do I – Need it? Love it? Like it?

2. Pay your credit card off after your statement date so that the payment can be reported to the credit bureau. Also, if you have more than one credit card, keep your utilization on all of them below 30%. In addition, if you have multiple credit cards, have one credit card that you pay off in full monthly.
3. Have 2 checking accounts.
The 1st account should be for your check deposit. The 2nd account for you to pay your bills only. This will help you from accidentally spending your bill money.
4. Have online only savings accounts. The online accounts have less overhead, therefore their interest rates are higher.

Higher interest rates  = more money in the bank
List of online saving account options: magnifymoney.com
Online only accounts are also good if you are an impulse shopper. You have to wait at least 24 hours to get your money.
5. Any extra money you receive or money you planned on spending but didn’t have to should go towards paying off debt.
Ex: birthday money

Question of the Day
What are some practical tips that you use to save money?

Scripture of the Day
Good planning and hard work lead to prosperity, but hasty shortcuts lead to poverty.

Proverbs 21:5 NLT