Financial independence and security are vital for our freedom and wellbeing. With inflation only going to get worse before it gets better, it‘s best to take action now if you haven’t already. Finance experts are concerned it could be worse than the Great Depression.
I’d like to share this video with advice from Karine Mental Gems(who has great level up vids in general) and other financial tips that have worked well for me.
the book the Financial Feminist by Tori Dunlap who runs Her First 100k has great resources as well!
What has saved or made me $$$ besides the usual don’t eat out often, don’t impulse buy, side hustle, 3 months of living expenses saved etc:
- Public transit. If your city has reliable public transit, it really does make a difference esp if you get a commuters compensation from work or a bus pass from them. If you are low income, you can check if they offer subsidized bus passes. Mine in Seattle was half off for all fares!
- Cashback credit cards. Pretend credit is your actual money if you’re scared of overspending but you need to be building up a good credit score anyway.
I found that using a 5% or 2% cashback credit card on almost all of my expenses has given me $30-50 back monthly! I personally like Discover the best.
- Have a high yield savings account and deposit a third of your paycheck into it. it’s better to gain a few bucks a month then to let your money sit stagnant in a checking account.
- ALWAYS negotiate your pay. You don’t want to lose thousands of dollars each working year bc you couldn’t advocate for yourself. Always give a range with your expected salary being the minimum bc companies will try to lowball you.
- Sell off old, unwanted belongings. Decluttering will clear up your mind as well so make some $$ off your clothes, jewelry etc. while you’re at it. See if a thrift store will buy them or sell online on Poshmark or Depop. On the other hand, thrifting for clothes has saved me so much. There are quality, designer items I’ve found for a bargain!
- Downsize your house and get a smaller place if minimalism is your thing!
- Job hop. Jumping to a new company every year or 2 will boost your income unlike a small percentage raise for staying with a company long term.
edit: another one I forgot to add is learn to do your own makeup(if you wear it), hair and nails! I’m saving myself over $1k a year by learning to do my own gel nails, cutting my own hair and wearing makeup minimally.
Lastly, ONLY date provider, ambitious high value men. He should want to spoil you anyway and take pride in it and his masculinity boost. Let him pay without guilt for your groceries, fine dining, nails, makeup, vacations and bills!!
I’m not trying to fear monger but it’s best to be prepared and always have savings anyway. Maintaining a balance between being frugal and treating yourself is key! If anyone has other tips, please do comment below!
Job-hopping is the biggest one for me. Short of living in a van down by the river, there's probably little I could actually cut to save more. I just need to MAKE more. I have only ever made more money by job-hopping, on average. Thinking of doing it soon again but the recession has given me pause.