Smart, Sexy Monday

In my mid-20s, I picked up one of my most used and favorite money saving tip: pay yourself first. If you have direct deposit through your employer, dedicate a portion of your paychecks to a savings account or money market fund in the same banking institution, or better yet another bank. I have even taken it a step further as to ask that the bank deny me daily access to the account. This means I have to call a representative each time I need to have funds transferred to my checking. And because the money is directly deposited, I don’t have to worry about spending it mindlessly on things I don’t need.

As I get older, I find that I am always looking for new and simple ways to cut back while saving smartly. Marie Claire magazine always has tons of great articles on work + finances. In May’s issue, there is a must-read for every woman on how to handle finances. One of my favorite is an article by LearnVest founder, Alexa Von Tobel. Her article focused on how women can save money w/o sacrificing the things they splurge on, like your favorite latte, a new car, or designer shoes. LearnVest is a financial tips site that offers budgeting tools, resources and free frugal living tips for women.

Tobel says, “Spend half your income on essentials like rent, utilities, commuter costs, and groceries. After that, earmark 20 percent for financial priorities — credit-card bills, student loans, and squirreling away something in savings. After that, you still have 30 percent of your paycheck for the fun stuff — Prada pumps, blowouts, and dinners out. At the end of the month, you’ll have paid your bills on time, put aside some savings, and still have enough for the things that you want to do, not just need to do.”

Alexa’s money secrets:
1. Think Big(ger). Set manageable long-term goals and plan

2. Figure out what you can’t live without. Everyone’s situation is unique, but a realistic budget is totally doable.

3. Know that life is full of surprises. She recommends having a bailout plan just in case something bad happens like losing your job or a break up.

What money saving tips or advice do you practice regularly? Please share in the comments below.

Source: Alexa von Tobel Money Tips – Best Money Saving Tips – Marie Claire

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