3 Easy Steps to Save Money

Confession: I was horrible with money until I was 20.


As a kid we would get a weekly allowance and EVERY SINGLE WEEK I would spend mine on a chocolate bar.

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At the time I was always very pleased with my decision. In contrast, my younger sister was not like me, she would get her weekly allowance and put it in her piggy bank. Week after week I would return from grocery shopping with my chocolate bar and my sister would return empty-handed. After a few months of this we’d make yet another weekly trip but this time would be different, we’d visit the toy aisle. My sister would pace up and down the aisles, looking at each toy until she found the perfect one. The one she was going to buy. I would always ask my mom if I could get a toy as well, she would ask if I had saved and I would pull out my measly $1.50 and realize I could get a Hot Wheels car or a chocolate bar...so having learnt nothing I’d buy yet another chocolate bar. 😂


I didn’t realize this until much, MUCH later but that was the first step of budgeting and saving money, delayed gratification. What this means is being able to hold off on what you want right now (the chocolate bar) in order to get something you really want down the road (the nice toy).


Fast forward to when I returned from college and moved back in with my parents. It was kind of them to let me live there but it was clear that I needed to create a plan to move into my own place. I had worked on and off for years but never really accumulated much money. I once again turned to my finance major sister who told me I needed to know where my money was disappearing to.

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Once I knew where it was going I had to implement the second step which is to tell your money where to go. Instead of saving what’s leftover at the end of the month, transfer your savings out at the beginning of the month and learn to live with what remains. I also recommend having a separate account for savings, my chocolate bar mentality dies hard so if the money is easily accessible in my main account I get tempted to spend it. If it’s a separate account I honestly forget it exists.


Lastly spending 3+ years in the finance/real estate industry has taught me a lot about people, specifically how different we all are. I love owning a home and Daniel and I have prioritized that financially, we however sold our investment property because it didn’t fit the life we wanted to live. I have friends who are happy to rent and instead save to travel the world. I know others yet who own 10+ rental properties and all of their money goes towards that. This brings me to my third step which is to create financial goals that reflect the life you want to live.

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There is no one-size fits all when it comes to money and life goals, so yes set goals and save money but then I beg of you, use that money to create the most beautiful life you can imagine. Whatever that life may look like for you.


Happy Saving,

-Stefanie

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