Client: FotoBox Live
Title: “Budgeting And Talking Money For One”
Source: The FotoBox Live Blog
Word Count: 803
Things cost money. Living costs money. Inflation is the thorn in all our sides that pricks us each year whether we notice it or not. What’s important to remember is that most of us work to live. A lesser minority live to work. Still, it’s all centered around money. As with anything large in life such as milestones, moving, starting a family, education, there is a looming price. It’s just the nature of the beast. In this blog, we will be giving some sage advice on talking money with those who matter and about the events that matter.
While we all believe the statistics about the majority of Americans being unable to handle a $500 emergency, we will still bring sources to you. According to a CNBC article dated June of 2017, “35 percent of all adults in the U.S. have only several hundred dollars in their savings accounts and 34 percent have zero.” If you do not budget for yourself, it’s time to start now—not tomorrow, not on Monday, today.
Budgeting for yourself is much easier than any type of joint finances. This reason is simple in that when you’re independent, you don’t need to answer to or explain anything to anyone. Responsibility lies solely with you in that your actions dictate your credit score and your bank account balances. If you want to spend several hundred dollars on a new phone when the one you have works, you can. If you desire to save more than most people your age, you have the freedom to do so. Outside of a child or dating, you’re not obligated to provide for another person.
Regardless of your spending habits, you should aim to not be one of the 35% of American adults with only a few hundred in savings. Here’s how you can achieve the upper echelon of being money-smart.
How To Win With Money
The first piece of advice about money that we’ll offer is the effort you put forth. “Work hard” and “work smart” are two of the more common motivational phrases related to success and money. These have been made more popular in the last 10 years. You know you’ve heard both phrases multiple times before. Being open to trying new things and allfinancial opportunities that interest you will put you farther ahead of the curve than picking and choosing. Below are various ways to diversify yourself by working harder and working smarter.
Focus On The Monthly’s
The “monthly’s” are the recurring monthly expenses—your ongoing bills. Consider downgrading your lifestyle to build up your additional savings.
Check your cell phone plan. Are you using all your data? Call customer service to see if they’re running new promotional plans or try to cut back.
Health is important. However, if you live in a place with its own free gym, drop yours and save on your membership. Speaking of health, spend more money on groceries and less on dining out. In the long run, cooking and prepping your own food will save you big.
Save A Percentage Of Your Income
There’s an episode of Friends where Jack Geller (Elliot Gould) and Monica Geller (Courtney Cox) are having a parent-child talk about money and her losing her job. Gould says, “10% of your paycheck, where does it go!?” Cox responds, “…the bank. In the bank.” That wasn’t the case with Monica. However, a percentage of your income should be cut right off the top upon deposit and moved to savings. If you can’t afford to do that much, start small with 1% and work your way up.
How Budgeting Comes Full Circle
The question you might be asking is: when do all this hard work and smart tricks come in handy? The answer is: before you know it. Traditionally, the bride’s parents pay for the wedding. If you’re the bride, wouldn’t you be proud to chip it for something specific and pull your own weight? And if you’re the groom, paying a portion of the wedding would bring you to a new level.
It’s not about weddings either. Consider reading this at 18 years old. What if you could pay for your college education or at least part of it? Reflect on your goals at this moment. Budgeting could give you a big head start in putting a down payment on a house or traveling abroad. Add 20 years to this example and consider saving up for your first child, a child’s education or marriage or helping them purchase a house.
Here’s 32 ways to make money from home courtesy of Penny Hoarder. If you haven’t checked them out, we strongly recommend liking their Facebook page for periodic posts on smart budgeting.
Thank you for reading,
The Foto Box Live Team | Photo Booths for ANY Event