5 Simple Ways I Plan To Get My Money Together In 2017
It’s time I get my financial shit together.
Let me preface this by saying that I have and make pretty good money. The issue is that I’m pretty shitty at managing it.
Be that saving or making the most of my multiple streams of income, I feel like I could do better.
I took 2016 to learn about the different ways in which you can save, make, and manage money efficiently for your lifestyle, that doesn’t involve sitting at home everyday being a Scrooge. There are some simple ways in which you can better manage your money.
Here are a few ways I plan to do better with my money in 2017.
Set Up At Least Two Bank Accounts
As a freelancer and someone who works a 9-5, I have multiple streams of income. Thus far, I’ve been sending all of those streams into one bank account. Through research, I’ve learned that most financial advisors say that those with multiple streams of income channel those funds into different bank accounts. This helps you not only save money and not be tempted to spend your whole heap, but it also is a good backup plan. Say you run into a financial situation at one institution- you don’t want ALL of your funds tied up while it’s getting resolved. Have another bank account or two set up with funds not only to help save, but also as a back up.
Enroll In An Online Savings Program
While I have a savings account at my regular financial institution, it’s also a good idea to enroll in an online savings program. This way, you can’t easily transfer funds for trivial purchases (designer bags you don’t really need). It’s also a way for you to easily save a few dollars here and a few dollars there without thinking about it. For me, I use Digit. It takes money out of your account every day and puts it in an online savings account. You can withdraw the funds whenever, and the good thing is that it doesn’t overdraw or take TOO much money out. There are several similar programs out there, so research ones you may like.
Sign Up For Rewards Programs and Take Free Surveys
If I love a particular store or restaurant, I tend to shop there ALL THE TIME. With that, it’s worth your while to take the pamphlet the cashier gives you about a store’s rewards program, or to download a restaurant's app. Not only will you find coupons, but you can collect points that turn into free products or dollars off of purchases. If you shop or eat there often anyway, it’s worth your time to take a few moments to sign up (especially if the program is FREE). Also, take the surveys on restaurant receipts. Those dollars off or free products add up as well.
Become A Couponer
Not an extreme one. But if you only use a specific brand of a product like soap, paper towels, dish soap, etc., it would be worth your while to see what coupons are out there for those products and stock up. For me, I try to coupon for things that can be stored in a pantry (laundry detergent, paper towels, toilet paper, toothpaste, etc). Take a Sunday, grab a paper, and clip some. Even if you don’t make out like those extreme couponers on TV who walk out with the store owing THEM money, you still can save a lot if you stock up on some coupons for items that you go through quickly and constantly need to restock.
Set Up Automatic Bill Pay
Millennials have hella bills. And with so many things being due at different times in the month, we may forget to log on or go in the store to pay a bill. While you have the funds, missing those payment due dates puts dings in your credit, and depending on how petty a company may be, you may get slapped with an outrageous late fee (because they don’t believe in grace periods). Because of that, I’ve opted to enroll in automatic bill pay for things like electric, phone, and credit card. I mark on my Google calendar the days those funds are set to automatically come out, so I remember to make sure I have appropriate funds in the account. ALSO, make sure you mark your calendar for online subscription payments, like Netflix, Hulu, or Apple Music. Those payments automatically come out without you having to enroll, and nothing sucks more than seeing $10 taken out of your account that you forgot about.