I will be turning 22 on Saturday. A whole 22 years old? Where has time gone, when did I become an adult, and how do I make it stop?! :) We all know growing older is inevitable. However, how we live our life as we grow older is our choice. I hope that most of my friends and readers have a plan or are starting to create and implement one. My family has instilled the value of having a plan to ensure financial stability into me growing up and I thought they were crazy. Now as I am growing older, I completely understand what they mean. When you are out on your own, you quickly realize how much you have to pay for. Little things start to matter - like renter's insurance. I never even thought of that. Then there's electricity, water, laundry (I lease), internet, direct tv, groceries, gas -- it adds up very quickly. When a young adult graduates from college or starts a new job and goes out on their own, it is extremely important to think before you act and make a plan so you can ensure that best life for yourself. I learned first hand.
One of the first things I realized I needed to do was create a budget to keep me on track with finances and ensure bills are paid on time. Map out completely what bills you have to pay and your total income monthly.
If you want to see a sample of my budget or obtain ideas for your own click here. Another one of the most important aspects if financial planning is
NOT depending on loans and credit for everything. If you have a credit card, make sure you pay it on time if not early and always make more than the minimum payment. For bigger purchases, what I have done is made a list of what I wanted from most important to least. I would try to at least include one of the items on my monthly budgeting plan. For example; new gym shoes. I need a new pair every 5-6 months and since my fitness training is something I take very seriously, I spend $120-$150.00 on my shoes at a time. Another item on my list I have right now is a new mattress. That can run $300-500 dollar, if not more. Instead of putting all of these items on credit, I save a little at time or take money out of my "miscellaneous" or "going out" budget.
I love going out and having glasses of wine. Since being 21 I have definitely turned into a
wino. However, I have quickly realized how expensive it can be. I taught myself to set limits on which day or days I go out and opting for dinner
or drinks, not both at one time. I will eat dinner at home then go out for a couple glasses of wine. Not only am I saving money,
but calories as well! If you decide to go out for dinner, order water instead of drinks - make it one or the other. Avoiding ordering sodas or alcoholic beverages can save over $10 on your bill.
I like to coupon and couponing has really seemed to come back in style lately and can dramatically help in saving money and getting more "bang for your buck". When you go out to run errands, make a list of where all you need to go so you can do everything while you are out. This avoids having to go from your home to out multiple times a day resulting in a lot of gas usage. Which we all know these days is incredibly expensive. Little changes can really add up in the long run to assist in saving money.
An important obstacle I am coming upon now, maybe because I am getting older, is saving money for a house. I really want a buy my first home within the next couple of years and something of this nature takes a lot of planning and saving for. I have also realized that if I want to do accomplish this, I am going to have to work my butt off for it. Which is why I am proceeding on with a second job for the weekends. True, this will be hard, but as I constantly preach -
the best things in life do not come easy and you must work for them. I constantly telling myself how great the fruits of my own labor will taste. I am the queen or organizing and making lists (ask my best friend
Kelly), so working two jobs, taking care of my apartment, and most importantly my fitness training and blog, can definitely happen.
Our 20's are for us to have a blast, and this year in Charlotte I have made so many amazing friends, more than I envisioned, but they are also the time for us to set the ground work and foundation of how we want the rest of our life to be.
More of my Financially Fit blogs:
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