Money is a taboo topic in our culture. We all need it to live, but it’s not a topic we discuss openly, so it’s no surprise that we’re not better with money. But as a single woman, it’s you against the world and managing your money is a must-think-about topic.
I fully admit that I’m not someone who’s particularly good with money (unless you count spending it as “good”), so it’s an ongoing battle with myself to learn to get better at managing it.
In my ongoing pursuit to become a money managing genius, I’ve picked up a few tricks along the way that I thought would be good to share with my fellow single ladies who are trying to make it in this big bad world.
Quick tips for being better with money
Being better with money doesn’t have to be terribly challenging. It’s all about picking up a few helpful habits that work for you and your lifestyle!
Open a separate savings account
One of the first things that you should do if you’re aiming to be better with money is to open a separate bank account for your savings.
If you’re trying to save money in the same account that you spend it from, it’s going to be a real challenge. But with a separate account, it can be much easier to not only save money but get encouraged about saving money. If you see your money being saved, it feels like an accomplishment.
I, personally, go one step further. My savings account is not only separate but can only be accessed online. That means there’s no temptation to spend my saved money at the store.
Save with purpose
Saving is a big part of managing your money. But if you want to save better and ultimately be better with money, then you need to save with purpose. That means saving for specific things not just saving for saving’s sake.
While I’d classify anything you want to save for as a good thing, here are some great specific savings goals:
- Building an emergency account
- Saving for a down payment for a house
- Paying for school
- Getting a new computer
- Booking that dream vacation
When you save for something specific, you’re more likely to accomplish your goal. And make sure to celebrate when you achieve your goal because you deserve to celebrate!
Automate your savings
If you’re looking to be better with money and save more effectively, automating your savings can be the perfect solution.
Chances are, if you use online banking, automating your savings can be really easy. Automated savings simply means that once a week, once a paycheck or once a month, a specific amount of money is transferred into a savings account.
Automated savings means that saving your money is a no-effort game for you. You don’t have to do anything but make sure that you don’t spend that money and you’re golden.
Spend with purpose
When it comes to being better with money, you need to spend with purpose. And spend guilt-free. Here’s a little secret about having money–there’s nothing wrong with spending it.
People who feel constant guilt about spending money, even when it comes to things you need or even those that you really want are the ones that lose it one day and spend everything.
It’s your money and you worked damn hard to make it. You deserve to spend it. But be purposeful with spending your money. If you want that Apple Watch, save the money to buy it and spend it with pride.
Likewise, if you really want to buy season 5 of Criminal Minds on iTunes for $34.99 so you can spend an entire weekend watching the authoritative and super serious but somehow still incredibly sexy SSA Aaron Hotchner played by the formidable Thomas Gibson then go for it girl (speaking from a friend’s experience, obviously ?).
Track your spending
My last piece of wisdom when it comes to being better with money is to track your spending. Otherwise, it can be incredibly easy to accidentally overspend.
One thing that you can (and probably should) do to help you out with tracking your spending is to build a budget. Then when it comes to tracking your spending, categorize it so you know how much you’re spending on what.
If you’re properly tracking your spending, then you know what you’re spending where. This way you’ll know whether you’re spending too much on one thing (or in one category) and either correct that behaviour or budget more money for it.
Getting better with money
Improving your money management skills won’t happen overnight. It’s a long and sometimes gruelling process that you learn to perfect over time. But being a single woman means managing money, and that means you should always be learning how to be better with money.
Money is a big learning process. But if I can learn to be better with it, then you can too. It’s a long journey, but we’re all in it together!
What are your tips and tricks for being better with money? Share them in the comments below!