Budget! No matter how big or small your bank account is, you need to run your financial life on a budget. Last week I told you to get organized and part of that is budgeting (aka organizing) how you spend your money. You have to work hard if you want to earn the big bucks, but if you don’t know how to handle your hard earned $ you won’t be able to hold on to it for very long.
1. Start by writing down everything that you spend. Seeing exactly where your money is going will help you figure out where you need to cut back.
2. Open a bank account. You should not be keeping your pennies in a piggy bank or under your mattress. Open a checking account and a savings account. Put only the money that you need right now in your checking account.
3. Look for bargains! I like to sign up for the club cards at places like CVS and the grocery store. There are lots of things that you only get a discount on when you use your card!
Oh dear - this is something that I am notoriously bad at. For someone who was good at managing other people's money as a banker, I have utterly failed to take that forward into my own life. The end result is patently obvious. I commit to being scrupulously careful at budgeting in my life from now own.