Don't Be Young, Fly, and Broke





Don’t get discouraged about saving money. This post will be a good starting point. Before you begin saving you need to determine your monthly expenses. The easiest way to review your spending is to take a look at your checking account activity for one month. Create categories, for example, insurance, rent, car note, entertainment, restaurants, shopping, gifts etc. Once you have categorized each purchase you’ve made, you can see where your money is going and figure out what you can cut back on. From personal experience, I noticed I spend $250 to $300 on eating out and drinks each month. To cut back, I started cooking more meals at home.

Now it is time to set a budget. Look at the categories you made and set spending goals for each one. If you usually deal with cash, you can use the Envelope Method. Make an envelope for each category and put the money you are allowed to spend for the month in each envelope. So you may designate $100 for shopping, $150 for entertainment…..etc. This method is good because it allows you to see the rate at which you are spending your money and where it is going.

If you are like me, you may not be as comfortable dealing with cash. I recently started using a free site called It links all of your bank accounts, credit cards, and loans on one website. It has a feature that automatically generates a breakdown of your spending. There are several websites and apps that can help you with this process.

Like any goal, saving and budgeting requires discipline and dedication. You just have to decide you are ready to make a change.

The Doll of Dollars

Constance CashComment