I’m not rich by any means. However, working in a financial institution  for almost eight years have been a huge advantage when learning how to manage money along with setting realistic goals in terms of budgeting.

So why is this titled Basic Girl Banking? At first it sounded cool but also because the word basic means to spend within your means or just be realistic on how to spend your money. This is just a term designed to help anyone on the simple steps on how to save, save save while enjoying your money.

So many feel that they are in a rut when coming to their finances, and I am here to tell you this, saving money is not easy but it’s also not impossible. In the next few weeks I will go through the steps on how I have saved money, spent within my realistic goals of budgeting, while enjoying what I have saved. But, here is five easy ways to save. The holidays are just coming by so enjoy.

 

1.Open a Savings Account

Opening a savings may not ensure that you will automatically save your money but this is a start in terms of setting a disciplinary action for any sort of future goals. Are you planning on travelling within a few months? Or are you planning to buy your first car? Whether this is a long term goal or short term, a savings will help big time.

 

2. Put a Percentage From Your Paycheque into That Savings

So the first part may be the easiest thing to do, but in terms of putting money aside, that’s another story. However, even if you put $10 aside from every pay you get into your account, that adds up quickly. Think of it this way, on average in Canada, people get paid every two weeks so divide the calendar year in half, you’re still saving $260 into your account.

 

3. Be Realistic

So if you are not rich like Oprah Winfrey or any other notable billionaire on this planet, please set a realistic goal in terms of money. I’m not at all saying that you can’t attain this goal but just be realistic. If lets say right now you can take a look at your account and see how much you spend on a monthly basis along with how much you’re saving… this is what I am talking about. I’m sure Oprah had to be realistic about her assets when starting out, and so should you.

 

4. Spend Within Your Means

Okay, if you are already in debt and you can’t seem to escape the stress, don’t put yourself in more debt. That word by many can be a bad omen, but this is not always the case. It is only bad when let’s say you are increasing the limits on your Line of Credit, your credit cards or even Overdraft Protection just to spend the money on useless items. If you don’t need it, don’t spend it. Plus if the gorgeous jacket was on sale for $100, you’re still spending $100. I love a good sale but if I don’t need (and I mean that if I am in real need), then I won’t spend my money.

 

5. Set Goals

This ties into my first part about opening a savings account and setting either a long term goal or a short term goal. What do you plan on doing with your money? Is this for an investment? Are you going back to school? What about that trip that you were planning to go for next Spring? There are so many avenues to go on, so setting goals will help set a structured goal.

I have so much more to say so I will keep this post short because I am not finished with the advice. Until then… do your Basic Girl Banking and have fun with it.