Bitches on a Budget

Being a broke millennial can really suck. Like really suck. But, there are ways around it. Hey, you don’t have to be broke! It’s all about having priorities and sticking to a plan. I promise – you don’t need those $40 manicures every week or organic bananas.

Use direct deposit to your advantage!

Have your paycheck set up to direct deposit into 3 different accounts: a bill pay account, a spending account and a savings account. Ideally, you’d want to follow the 50/30/20 rule when setting them up. If you aren’t that great at paying your bills on time or are quite forgetful, setup automatic drafts from your bill pay account. Bam! Bills paid on time, all the time. Just be sure, that enough is deposited into each account to waive the monthly account fee – no need to pay that $15/month for each account. Stick it to the man!

Be broker than you actually are!

Just got a raise? If you were getting along just fine with your old income, then automatically transfer the difference into your savings account each month. You don’t need the money, so don’t spend it. Same goes for bonuses and tax returns, you don’t rely on them so put it away!

Budget (and actually use it…)

Building a budget really helps you live within your means and not get crazy. But, you have to actually use it!! The best program I have found for budgeting and financial tracking is Mint.com. The website makes it so easy to plug all your info in and even lets you setup specific financial goals and tracks your progress. Best part – it’s free!

Set up automatic transfers to a high yield savings account

You’ve already set up your paycheck to direct deposit a certain amount into your savings account each pay period. Go one step further, if you stuck to your budget then you should have spending money leftover at the end of the month. Transfer it into your savings. I promise, it feels so good to watch that balance increase.

Take advantage of your employers 401k match

It goes without saying that you should definitely take advantage of the matching program offered to you. The more you contribute, the more your match is and the more your balance builds. It’s basically free money that you will eventually need. Sign up for it & don’t touch it! Let me repeat, do not touch it. Early withdrawals come with heavy tax rates.

Coupon Sites & Bargain Shopping

My favorites are iBotta and Checkout51. You basically get paid to buy those eggs and toilet paper that you were going to buy anyway. Dolla, dolla bills y’all! Well not really, its like a dollar here or there, but hey – whatever works, right? Once you are able to cash out the balance, transfer it straight into your savings account. Again, you weren’t relying on that money, so put it away.

Emergency Stash-Cash

This obviously goes without saying, but shit happens in life. It is almost inevitable that at some point you will either loose your debit cards or unfortunately those can be stolen. Best to keep at least a little bit of cash hidden in your closet or wherever for emergencies.

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