Hey, hello. How are you guys? I have been pretty good lately. First of all I would like to say a big thank you to 22 followers on Tik Tok. That’s amazing. I have had so much fun these last months posting for you guys, and much more is to come! I have some really fun things planned for august, so stay tuned.
However, today I’m gonna give you some of my reflections on budgeting and money as a young adult. I’m gonna put this out there, I work as a barista full time, and I live in a big city, so my budgeting is everything to make it all go around. And I’m also not very good with money, I will admit that. I have had some shopping problems and I had to learn how to budget to not make these small problems into a big one.
So when my salary comes to me I do the very most boring thing and pay off things that I need. These being rent, food, bills, train tickets and everything else. Say then I’m left with 50% of my salary usually, which isn’t that bad. Then I have a ground rule of 30% for wants and 20% for savings. Is this how it looks every month, of course not. I’m only human, okay. Some months I go shopping like there is no tomorrow and some months I dont buy a thing (This has almost never happened).
The 50/30/20 rule is just a guideline for me, I try to follow it but I’m not religious with it. If I had to follow this to 100% I would go crazy, I like to be somewhat spontaneous with my money, and not have to calculate each and every penny. Therefore my next guideline is: Can you afford it? Because you might have the money for something, but does that mean you can afford it? I usually think, could I buy it twice. If the answer is yes, then I could probably afford it, however if its no, the guideline is that you can’t afford it. I’m not saying that you have to buy two cars in order to buy a car, but you understand.
One thing I love doing is setting saving goals. So say I would like to save 1000 dollars, within 3 months. Then I look up something I really want, say a bag. Add that to the saving goal, so say 1200, and when I reach this, I get treated with a bag. Kind of defects the purpose, but it makes it easier.
Something I wish I would have known earlier is savings accounts. I don’t know anything about stocks or whatever, I should probably learn soon. But having a savings account with an interest rate is literally a and o for young people. Not only are you able to save, but while you do your money is increasing.
My last savings tip is a bullet journal. Get yourself as cheap as from Amazon and start writing down how much you make in a month, what you need to pay, what you want to pay and the rest is for saving. This for me gives me a better overview on how much i spend in a month.
That was it guys, stay safe and I see you …
Until next time
Grew Up