I am working towards being a full-time entrepreneur and future millionaire and in doing so I'm reevaluating my life...and my spending and saving starting today.
The Financially Free Fashionista, that definitely has a ring to it! This is exactly what I am striving to be. This is what I WILL be. This is also what I want you to be as well. If you've been following me on my Instagram stories, by now you know I love to spend the least amount as possible when shopping! I'm all about pinching pennies and frugal shopping! The problem? Saving more than spending. Backwards right? I know, and that's why I'm sharing hard truths and enlightenment today. The ultimate goal here is to spend less when I do shop (couponing, cash back, rewards programs, and deal clubs) and keep money in my savings (weekly savings goals, automatic savings transfers on paydays, residual income, and paying my credit card bill early). That's what I'm starting with. Sounds like a lot I know but it's possible! So to begin, I'm here to share the ways I am spending less when shopping and how I plan to keep money in my savings.
Spend Less While Shopping
If I'm going to spend money, I might as well make some while doing it. The Dosh app helps with that. You automatically get cash back when you purchases from retailers (you can even refer stores to them) and from promotional purposes, when you refer your friends and family you get $10. So that's two ways to bring in the money! How does it work? Here's an example: I bought lunch at Chili's the other day. I used my card that's linked to the Dosh app for Chili's and they gave me 7% cash back on my purchase. So I bought a cheap lunch (and got free dessert with my Chili's rewards) using the card I'd normally purchase with and they sent me money for doing so! Brilliant! Some other retailers already on Dosh are Forever 21, Papa Johns, Jiffy Lube, and Denny's. Retailers and cash back offers differ based on your area but I found at least 5 places that I frequent so I'm ready to shop and get rewarded! Click here to sign up!
Elite Deal Club:
The Elite Deal Club is a deal website that works through Amazon pretty much to put new and existing brands and their products on the map. In doing so, they offer deep discounts on products. So what's the catch? There isn't one. You just have to be quick to access the Deals of the Day because they go fast! That's it. Once you sign up, Elite Deal Club sends you a daily email at about 9:50 am to let you know which items are available for that day. Deals go live at 10am, 2pm, and 8pm. I set a reminder on my phone to log in 10 minutes ahead of time. Once you see an item you want, you click to view and purchase, then grab your code. There's a link that directs you to Amazon and you place the item in your cart. From there you go to checkout and add the code to the promotional code box. You have to make sure that it's the correct item offered by the deal club or your coupon code wont work at checkout. Since these deals are through Amazon, it's best that you have Amazon Prime because most deals are under $5. It doesn't make sense to pay $5 for shipping when your items are the same price or less! A few items I've recently purchased are a makeup brush cleaner, essential oils, and meal prep containers, all under $5 (with free two day shipping)! So once again, you're spending less while shopping. Click here to sign up!
Save Money Automatically
First things first, I'm reevaluating my budget and I suggest you do it too. Cut out anything that isn't a necessity. Secondly, I've added a few options to my savings that should've been put in place a long time ago. (I'm currently saving for a car and a new laptop.) These are big purchases and I'm reminding myself that saving in small turns into big amounts and allows me to reach my goal.
Automatic Savings Transfers:
Once upon a time, I had automatic savings from my checking transfer over weekly. I knew the money was coming out but couldn't see the accounts. What went wrong you ask? I took it upon myself to log on the computer and add those accounts to view on my banking app. Big. Mistake. I was dipping and dabbing all up and through those accounts. I didn't realize how much I saved just by not seeing the amount grow daily. Now, I'm back to two additional savings accounts and my main savings. Automatic transfers save lives. Another feature I like is the spending report. I bank with Wells Fargo and they give you a breakdown on what you spend the majority of your money on, from food to bills and so on. Then they tell you a monthly average of money in/out, and a percentage of your expenditures. 15% of my funds are going towards shopping. *insert face palm emoji* I like to shop, but it's gotta stop. Check which services your bank offers so you can start saving...but no peeking!
Paying Off Debt/Building Credit:
Why does this fall under the save money category? Because the more debt I pay off the more money I will eventually have to save. I honestly don't care for credit cards but when entering college I got caught up. They made having them "look cool" but failed to educate us students on how to properly manage them, therefore I incurred debt. Totally not 100% their fault, I could've done more research or ran away, but here we are. Right now, my goal is to build credit with the active credit card that I have and pay off debt starting with the smallest. As my income increases, I will work on more that one at a time then the largest ones until it's all gone. Eventually, I want to buy a house and rental property. (P.S. I can't wait to look back on this post and say, "yasss, I made it happen!")
I want to be a coin saving, spending less, money stacking boss and I want to help you all do the same. I already have the spending less down; it's just the savings and stacking that I need to work on. Let's help each other by holding ourselves accountable to start with four things: completing a realistic budget, spending less, automatic savings, and paying off debt. We can do it! I know if y'all are anything like me (and I know you are because you're reading this) you want to have extra money to travel, buy the things you desire, and just have a cushion for emergencies and certain expenditures; all without breaking the bank. It all comes with habit, consistency, and discipline. I'm not an expert and I don't have all of the answers but I do know this: If you just start and put forth effort you will see results. This is just the beginning. Happy Saving!
Sweatshirt- Girl CEO
Time to weigh in! What are some ways you spend less or save more? Feel free to share your go-to tips and tricks below!