Updated: Jan 17, 2019
If I started this blog by saying I am financially savvy and a great saver that would be a lie. In actual fact like many other millennial's I have a spending habit, I waste money easily on unnecessary things. This year I have decided I will achieve my financial goals and really watch what I spend money on. So, here is my plan for 2019 and something you may find helpful.
1. Don’t Keep Up With The Kardashians
As millennial's we are living in an Instagram age where everyone's lives are perfect and everyone is insanely rich. In actual fact this is a lie, you know yourself you only post your best selfies and even if you go on holiday you only post the best angles of the beach. What we don’t post is what we look like when we wake up at 6am or when our house is a mess. We have become trained to compare ourselves to everyone else, this means we can sometimes live beyond our means to keep up.
Remember we are all working on a different time frame, just because there are people younger than you posting amazing cars it shouldn’t make you feel any less. This was a biggie for me, I used to scroll through Instagram looking at 19-year-old influencers thinking why am I not living that life?
To make myself and you feel better -
Morgan Freeman didn’t land his first big role until he was 52
J K Rowling didn’t publish Harry Potter until she was 32
Vera Wang didn’t start designing wedding dresses until she was 40.
There is no rush!
2. Create A Savings Goal
How much do you want to save this year and what for? Without a savings goal you will find it difficult to save anything. Write what it is your saving for, maybe it's a new car or a holiday, figure out exactly how much you need for it and make that your savings goal. Write this down and keep it somewhere you will see it everyday. Try to save at least 10% of your salary each month or week.
To me this is the most offensive B word, I've always said I don’t want to budget I will just find ways to make more money so I can spend whatever I want. That of course isn't a great philosophy, being able to stick to a budget is essential to save money.
One thing I have realised is, I spend more money on my card than I would if it was cash, so here is the plan;
1. Write down all of your outgoings, know exactly how much is coming out of your account each month including Netflix, Spotify and any other small amounts. Also, write down how much you spend on personal grooming each month and include this in your outgoings.
2. Take out the amount you want to save every month – have this as a direct debit straight to your savings account.
3. Now you know how much you have remaining for the month, this is the amount you have to live on per month. Divide the amount by 4 and this is how much you are able to spend each week.
4. Go to the ATM on a specific day of the week each week to take out that amount.
5. ONLY SPEND CASH! 4. Work Out Your Money Blocks
Note taking alert – this is some great free information (thank me later).
Money blocks was a new concept to me that I had only heard of in 2018 when I was reading one of my books – refer back to my last post for my best self-help books. I was reading ‘Lucky Bitch’ by Denise Duffield-Thomas when I first read about the concept of money blocks and it changed my life.
Money blocks are your internal beliefs that that have embedded in your self-conscious over many years. These money blocks may not be things have you have told yourself it could be from your parents or anyone around you. Money blocks are your underlying fears or beliefs about money, they can be in the forms of statements you were told as a child such as “money doesn’t grow on trees”, “it's more important to be happy than rich”.
These blocks are what is holding you back from making money, even if you are currently a wealthy person everyone has money blocks that are stopping you from achieving your financial goal. To work out these money blocks we have to dig deep to work out what statements we believe surrounding money.
For more information on money blocks visit https://luckybitch.com/whats-a-money-block/
5. Use Your Knowledge To Make Money
If you haven't already figured out Denise Duffield Thomas has been by far my biggest inspiration and someone that seems to make something so hard such as figuring out ways to make more money so easy. Another thing I learnt from her book was how to use my knowledge and skills to make money and it works for everyone. We are all unique and all have different skill sets, we have all taken time out to learn skills or gain knowledge. Whether that be in the form on a degree, paid courses or even reading books, we are all able to offer a service that someone else needs.
There is a really simple formula to help you figure this out – do not close this article until you have completed these three steps.
1. Using your phone or laptop write down all of the skills you have learnt or knowledge that you have other than what you do in your day job. You might be really good at finding cheap flights, able to create websites or even know how to write a report.
2. Next to each of these skills write how could use it to make money for example; if you are good at writing reports you could offer an online service to first year university students to help them understand how to write reports. You could charge a one-off fee or you could create a subscription service at a fixed fee for their entire year.
3. Take action NOW do something right now to put this into practice and start earning money.
After completing this exercise, I realised I am a self-taught website designer – by no means am I the best or even able to create amazing websites but I can create a simple website. I put it out into the universe and the very next day someone tagged me in a post where someone was looking for someone to create them a website.
If you find this information helpful please tag us in your social media posts @twentysomethingmillennial or send me a message through the website.
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