As we are coming to the end of a financial year and April is fast approaching, it’s that time to review our mulaa.
According to Puff Daddy ft. The Notorious B.I.G. et al (1997) It’s All About The Benjamin’s Baby. So “Now what y’all wanna do you wanna be ballers, shot callers, brawlers”?
I’d be the first to tell you my motto is ‘treat yo self girll, life’s too short’ ‘ah my money fi spen’ and yes I stand by that, really and truly money doesn’t enter the graves with us and we work for what we have. However, it is still imperative that we are careful and prudent with our spending habits. In regards to money my mum has always said- work smart and not hard (wish she would say this with other things too lol).With this in mind, at an early age I’ve adopted a save before you spend attitude.
What do you wanna work toward getting?
The power of the pen is amazing. Visualize what you want so it is easier to get that plan into action. Write out your regular outgoings, then your long and short term financial goals- set the tone of your budget.
It’s paydayyyyyy ….. then you deep you have responsibilities…. aaand most things aren’t free :/. So where’s ya money going?
Rent, Phone bill, Gym, Netflix, Music streaming, Petrol, Food, Nails, Trim? …Whatever it is,write it the cost and add it all up. We’ll get back to this later.
If the total is looking like who? what? what? what?where? how did we get right there? You maayy need to compromise on a couple things. This doesn’t mean cutting it out completely- just find alternatives 🙂
‘I made sacrifices I been balling ever since’ Graham, A.D (More life, 2017)
What things do you want within the next year?
Life is for livinggg, tomorrow really isn’t guaranteed. Live for the moments and memories. Work hard and play harder. Do what you want that makes you happy tbh, as long as you live within your means- who said you can’t have your cake and eat it too. More life.
Work, work, work, work, work, work… yuh betta do yuh research search search search search. *sings like rihanna, gun shots and body rolls* *and hope a miracle lands in ya lap too- fingers crossed.
Search for the best deals and compromise where you can if it puts your other goals in jeopardy. Be flexible and ask if it is a necessity. Balance everything out
Holiday– Look around for the best deal. Monique Monrowe‘s travel blog literally takes you through every step of travelling for less. Moneysavingexpert‘s travel money max tool is great for getting you the best exchange rate at airports and the highstreet.
Car– Bear in mind the maintenance costs, it will bite you in the bum later if ya not careful
Concerts/Big spends/ Spa… other stuff you wanna get- Take advantage of sales, discount codes and sites like wowcher, groupon, vouchercodes can help you save money on the things you want. If you’re a student; student discount -exploit that shit, use it, use it and use it again.
Long term- these are the things you want in the future, think ahead!
Start saving for your long term goals from now, and save your future self from the stress boo. A little now, will turn into a lot later.
What are your long-term goals?
A house? Travel fund to go exploring? Car?. – you tell me.
Work out roughly how much you need to save toward each goal and how much time it will take to achieve this. Natwest’s saving goal calculator is a great tool for this, it’s quick and saves you doing math that simply, ain’t nobody got time for. Put the numbers in and get calculating…
Save for your different goals and make it clear by separating the things you are saving for. As I said earlier, have your cake and eat it too. You can do it all, things just tek time so prioritise and work toward them all.
Determine where your money needs to go for the goals you have in mind.
Where to put my mula?
ISA’s (individual savings account): These are great for saving money for the long term. Anything you are saving for that doesn’t need to be touched for a while, save it here.Set up a standing order so a set amount of money goes in every month to get to your goal.The interest rates on these accounts are higher than your normal current account, so move your money here, sit back and watch it grow. The more you put in and the longer it stays in there-the more schmoney you get out ;). Look for the best interest rate, review it and read the requirements. If the rate is more competitive in other banks, switch! Make your money work for you.
Easy access savings account- This is your saving for a rainy day account. When your bank account is looking schweet, save before even thinking of spending. Save as much as you can, it accumulates to a lot over the year.When funds are lower you’ll have extra money to dip into and can accommodate them spontaneous splurges- cheeky holiday or shopping spree maybe?
Notice savings account- This is perfect if you are tempted to spend easily. Any time you want to take money out you have to give the bank notice. For each bank the notice period varies but generally ranges from 7 days all the way up to 30.So that on the spot spending…yeahhh that can’t run.
IMPORTANT NOTICEEE– Please, please and please. Set yourself a safety net. What is the minimum amount of money you need to live comfortably for the month?
Try to avoid your main account getting below this if payday isn’t anytime soon. Savings can save ya for a while, but plan to replace it- ask when and how. Bounce back babyy.
Current account- Your main account. The one where you’re like lololololol I defo didn’t buy all of that. Not me, never. N-n-n-n-nooooo. But yes. It was you. it was aalllll YOU. It is hard to keep track of all your purchases sometimes, all the little things really do add up. Sometimes it’s nice to visually see where your money is going. Money supermarket’s ‘OnTrees’ app does just that, and allows you to access multiple bank accounts all in one place, a great tool to keep check on that coin ;).
Here’s some links to pages that are great for guidance on what the most suitable account may be for ya. Compare using more than one site for the best results as each is different :). Money Advice Service, Which, MoneySavingExpert, MoneySupermarket
Alright, so remember your regular outgoings? Once you’ve saved, do they balance out with your income? Or do you see hella red arrows out on your statement and now want re-evaluate all decisions you’ve ever made in life- can we get an amen if you can relate *hands up*
If so, then it’s time to get thinking with your hustlers hat. The last thing you want is to be unable to pay your bills. From phone bills, Netflix to gym, we agree to a contracts and have an obligation toward the other party to pay for their services. Don’t overstretch yourself beyond your means, you’ll just cause yourself unnecessary stress. Compromise where you can to make life easier on yourself. Being able to demonstrate financial responsibility is so important, it shows that you are a responsible to lenders. Nowadays it is made hard to secure loans; which at some stage in life you are more than likely going to need. So credit rating is really important. BUTTTT! Don’t worry too much if you do get into bad credit, it can be erased over time 😉
You got a couple of options…
- Generate more income; part-time work, selling items you no longer use and market research/focus groups are easy ways to make extra cash
- Taking advantage of offers, free trials, discounts, vouchers and loyalty rewards; cinema 2 for 1’s, domino’s 2 for Tuesdays, 6 months amazon prime student, alla dat- do your ting.
- Making some swaps or compromises; swap drinks outside for cocktail night in or instead of eating out,there’s rice at home g.
- Or re- evaluate the time frame to reach your goal 😉
And if all else fails, become a sugar baby x- jk jk