My name is Abby. I often read blogs that are designed to provide us millennials with money savings tips–but many of them are hard to apply to a real everyday life and Financial Freedom. A few years ago I lived in an expensive city with bills piling up, and no real strategy to get things under control. Student loans, credit card debt that I racked up in college and high rent were all contributing factors to sinking my financial ship.
Things had to change in order for me to get ahead. So, I decided to partner up with GlobeOne and came up with a pretty solid game plan that I’m excited to share with anyone who may feel like they’re drowning in their own debt.
Create a list of your monthly bills
There was a time when I seldom looked at my bank account. Although I would try to live modestly, I always got anxiety when it came to finances.
I lived in Los Angeles, which is super expensive (I’ll talk more about that later)–making it a tough city to really save money in.
Putting my monthly bills into a spread sheet, and putting check boxes next to each of bill helped me keep my finances at the top of my to-do lists. Having that spread sheet on my desk to visually monitor the progress was incredibly helpful.
Keep a lean checking account.
By knowing exactly where my finances are each month, and exactly when payments are being made, I keep my checking account lean.
I always transfer a good chunk of money to my savings account each month. After all, if it’s in my savings and out of my checking account, I’m less likely to make an impulse purchase.
Ditch the FOMO.
If you’re a social person like me, you know how taxing being a socialite can be. When I buckled down and started monitoring my finances more closely, I realised how much money I was spending while out with friends.
I started to focus more and more on bigger life goals and limit the happy hours. I started declining the more expensive social events and started saving money to attend the bigger, more important family and friend celebrations.
Have You Considered Moving?
As I touched on earlier, Los Angeles is expensive. I felt like the financial strain was holding me back from achieving much bigger life-goals. Between Student loan payments, high rent, and all of my other bills–I felt confined to a great city that I didn’t have the time (or money) to really enjoy. So, I decided to move.
I moved to a cheaper city that also has a lot to offer–like a great social, and tech scene. Now, I look forward to visiting LA but am much more excited to have a more affordable lifestyle.
Since moving, my savings account began to climb uphill, and now I can afford to do more things that matter to me.