Back in August 2020, I was a Virgo looking to get my finances in order. I decided to take charge and figure out some money management strategies. First off, I sat down and listed all my sources of income. I had my regular job paycheck, and a little side gig from selling some handmade crafts online.
Step 1: Track Expenses
I started tracking every single expense. I mean, every single one! I used a simple notebook to jot down what I spent on groceries, dining out, and even that extra cup of coffee. This way, I could see exactly where my money was going. For instance, I realized I was spending way too much on eating out. I was like, “Whoa, I could save a ton if I cook more at home!”
Step 2: Set Goals
Next, I set some financial goals. I wanted to save up for a new laptop and also build an emergency fund. I calculated how much I needed to save each month to reach these goals. It was like having a roadmap for my money. I told myself, “If I cut back on some unnecessary spending, I can make this happen.”
Step 3: Create a Budget
After that, I created a budget. I divided my income into different categories: rent, utilities, groceries, entertainment, and savings. I made sure to allocate a reasonable amount for each category. For example, I limited my entertainment budget to only $50 a month. It was tough at first, but I got used to it.
Step 4: Look for Deals
I also started looking for deals and discounts. When I went grocery shopping, I always checked the weekly flyers and used coupons. I even signed up for loyalty programs at my favorite stores. This way, I could save a few bucks here and there. I remember once I got a great deal on a brand – name cereal, and I was like, “Score!”
Step 5: Stick to the Plan
Finally, I had to stick to my plan. There were times when I really wanted to buy something on impulse, but I reminded myself of my goals. I’d say, “No, self, you need to save for that laptop.” And slowly but surely, I started seeing the results. By the end of August 2020, I had saved a decent amount of money and was on track to reach my goals.
So, that’s my money management journey for August 2020. It wasn’t always easy, but with a little effort and discipline, I was able to take control of my finances. Maybe these strategies can work for you too!
