Rick Ross came out with a song a few years ago called B.M.F. It stood for Blowing Money Fast. That phrase became something that I lived by. Now that I am actually an adult, I realized that that phrase isn’t the best advice unless you are a millionaire…which I’m sure none of us are. After I graduated from the college student budget, I had to come up with a better plan in terms of saving and spending money.
Make your banker your bestie! | An unlikely relationship, right! But it can come in handy in the long run. They know the ends and outs of the bank so they can pass great tips along to you in order to save you money! Another plus is that the banker will get to know you so if something goes wrong on your account, you have someone on your side.
Two Accounts are Better than One | Have you ever checked your bank account and realized that you sent WAAYY to much money during your last Target trip? *slowly raises hands* One way to combat this from happening weekly is to open two separate checking accounts at the same bank. One account will strictly be for bills and the other “FUN MONEY”.
Plan Ahead | Planning is pretty much the key to everything in life…same with banking and finances. Make a note of the days and times (if applicable) that your bills are due each month. If you are like me then you should write it down in the planner and add to your phone calendar to ensure that you don’t forget.
Automatic Bill Pay = Good! | Another great way to not forget those pesky due dates is to setup automatic bill pay. Basically, each month the exact amount of your bill will come out of your account… and DONE! No work or remembering for you! The best way to set this nifty tool up is through your bank because if fraudulent charges happen its easier for the bank to cancel from their side rather than through the individual companies.
Create a Plan | Create a plan and make it plain! It’s so easy to say, “I’m going to save money each month to buy XYZ.” The best way to ensure that you stick to your goal is to write it down and keep it somewhere that is regularly accessible to you. Some folks partake in the 52 Week Challenge at the beginning of the year but you can create a new plan/goal at any time. Just be sure that your goals are realistic and quantitative. Ex. I will save $100 per check for the next six months.” There, the goal is clear and no room for interpretation or slacking.
If you have some other helpful tips for banking like an boss, drop a comment below!