Thursday, August 3, 2017

Saving Money

I have a love hate relationship with saving money. I love the feeling when you look at your bank account and see all that you have saved, but obviously, I hate that I can't buy all the super cute things I see at stores and on other bloggers. But this summer I have been largely focused on saving as much money as I can. My parents expect me to use my own money for spending money and sorority dues throughout the school year, so I know how to get serious about saving money. Somehow I managed to work at my favorite clothing store all summer while keeping my spending to a minimum. So no matter what you're saving up for, hopefully, these tips will be helpful!

Scrutinize your Spending 
This is the first step if you really want to get serious about saving. Download your bank statements from the past year and categorize each transaction. This will allow you to have a very realistic look at what you spend money on as well as how much money you spend. I'll be very truthful about my personal experience with doing this, I realized that I spent over a 1/4 of my money on clothes and that I probably don't need to spend $30 at Target every other week. This really woke me up to things that I need to work on doing differently and in what areas I can focus on saving money. 

Set a Goal, Reward Yourself Along the Way
I looked at my spending from last school year and set a goal of how much money I needed to try and save for this upcoming year. But obviously, you can set your goal at whatever is necessary. And it is always better to overestimate than underestimate. Once you set your goal make sure that you set up rewards. You may want to reward yourself when you save $500 and then $1000, it doesn't have to be anything big just something to encourage you to keep going. 

Save a Portion of your Pay Check
If you have a job, it is a great idea to decide on a certain amount of your paycheck to go to your savings. This will hopefully help you to combat the pay day jitters, where suddenly you feel like you can buy everything in sight. This summer, I put all the money from my retail job into my savings account and then used only babysitting money as spending money. This is a really great way to hold yourself accountable for your goal.

Know you Don't Have to Shop Every Sale
I feel like I am constantly bombarded with sales from all the fashion bloggers I follow and that every outfit post I look at features some super cute pieces on a great sale. It can sometimes be really hard to resist but the reality is that you don't need things just because they are on sale. Instead, focus on getting the pieces you really love and adore. You don't have to shop the Lilly After Party Sale and Nordstrom Anniversary Sale just because everyone else is doing it. 

Learn to Say No and Limit Impulses
This is probably the hardest thing, but you just have to learn how to put the shirt back on the rack and to say no to the Starbucks. At school, I had a horrible habit of going to Krispy Kreme almost every time I pass one, and even though I only ended up spending 3 or 4 dollars the number of times added up. I realized I would much rather spend that money on something I can really enjoy rather than tons of donuts I really don't need. 

I hope these tips were helpful for some of you! I know it is so hard to resist spending money, especially when you follow fashion bloggers and influencers dressed in super cute new outfits every day, but I encourage you to try and change for the better! You won't regret it and your bank account will definitely be at least a little bit happier.
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