This post was graciously shared with us from Megan's shared website with Shane, Shane & Meg. If you like what you see here, visit their website--they have some truly amazing articles and videos to share!
I have dreamt of owning a home since I was a little girl. My parents taught me the importance of financial responsibility from a very young age, and I had my first job as a mother’s helper at 10. I quit sports to work in high school, and have had more jobs that I can count. I dumped my entire life’s savings into my first car at 16, a 2017 Chevy Trax. My mom told me that whatever I saved, they would match, which is how I was able to afford a brand new car at 16.
In the past 7 years, I have managed to recover from that purchase, buy a truck, and pay it off! Not to mention, Shane and I just bought our first place together - a 2 bed/1 bath condo near our parents. We are very excited. That being said, these 10 ideas actually work! We put 20% down and are at a comfortable spot. Our next step is hopefully to restart, holding on to this condo as a rental and finding a new place in about two years. So, back to square one!
Invest what you already have: I invested my savings (minus a 3 month emergency fund) into mutual funds because the stock market averages 7% a year after inflation
Track your expenses: Use an app or a spreadsheet like Notion or Google Sheets (even good old fashioned pen and paper) to see where your money is going, you’ll be shocked how much you actually spend on unnecessary purchases
Eliminate silly spending: Stop going shopping out of boredom and perusing the aisles for home décor you don’t need or going to Tropical Smoothie and spending $15 on lunch because you need a “pick me up”
Shop second hand: This is sustainable and such a great way to save money, I’ve found coffee table trays, dress slacks, and decorative pillows for just a few dollars each
Pare down your subscriptions: I just got rid of Apple Music because the $5/month student membership was an unnecessary expense in my eyes, YouTube is free
Create a monthly budget: Figure out just how much your fixed expenses (rent, utilities, phone, gym, groceries) are, then decide how much everything else gets (dining out, gas, beauty, clothing, fun, gifts) based on your lifestyle
Pick up a side hustle: I am a freelance tutor and a cashier at Target (when your budget is completely bare, you sometimes realize you have an income issue, not a spending issue)
Implement a 24 hour rule: I try my best to wait a day before buying something (otherwise my Target cart ends up full of random organization bins, fake plants, and glass jars), wait it out because you might not really want it
Dining out as a treat: I blame the dining out habit I'm having to break on my boyfriend because my family never ate out when I was growing up, but we have changed for the better since he started the animal-based diet a few months back (go out to eat on a date with your significant other or your besties, not by yourself, pack a lunch and cook at home instead)
Stay out of debt: Do not buy anything you cannot afford to pay for in full so you do not tap into your savings. If you want a new purse that costs $50, pick up a shift that you would not have otherwise worked to cover that expenses, think to yourself “how many hours do I have to work to pay for this?” and you’ll be surprised how many things you decide to pass on
I hope this list provides some helpful tips for your own financial journey! Subscribe to our YouTube channel @shaneandmeg to keep up with the latest.