Here at Faviana we had the pleasure of hosting financial expert Ronald Steiger for our last March Women of Faviana event! He came and spoke to our team about Financial Fitness, and offered some great tips for budgeting and saving for the future. Budgeting is something we all could use some great tips for, so we pulled some of Ron’s best tips for budgeting and Financial Fitness, and looked into a few of our own!
Whether you’re a shopaholic or a penny saver, there is always something we can learn about saving. Here are Ron’s tips on how to be smart with your money, read on for Women of Faviana: Financial Fitness!
Ron mentioned in his talk the importance of knowing what you are spending your money on, and organizing your money into a savings and a checking account. Having a savings account is very important for everyone, as this account grows over time. A checking account is easier to use for day to day expenses, and a debit card is a great way to help budget yourself within a checking account. Ron warned against the over-use of credit cards, and recommends if you are a credit card user, you carefully track your spending so you don’t go over your funds.
Here is where Ron emphasized the importance of making a budgeting plan for yourself. Here you should include your income, and all expenses you have on a daily basis, as well as repeating expenses, like a metro card. Even if you just glance over your statement a few times a week and mentally make a note, it is better than just spending without checking. There are lots of free apps to help you budget as well, for both Iphones and Androids. A great way to break up your spending is into categories like: rent/utilities, food, school/work expenses, clothing, transportation, entertainment etc. Here is where you will find out just how much you spend on those amazing shoes you love!
Now that you have a sense of what you are spending your money on, and what kind of expenses you must have each month, it is time to adjust your budget! Are you a caffeine addict and spend $10 a day on coffee? Ron mentioned that a caffeine habit can even up costing you hundreds of dollars a day! Maybe look into buying coffee in bulk, brewing it at home, and then bringing it in your favorite travel mug. Cutting even small unnecessary expenses in your life can save you big bucks. A great way to save is to consider grocery shopping in the beginning of the week and packing lunches and healthy snacks for the week, or look into meal prepping or. Find out what tricks work for you and stick to it! Also, whenever you find yourself having a little extra money left over in the week, throw it into your savings account- “future you” will thank you!
Budgeting is never easy, especially if you live in an expensive city like New York. The key is to keep track of what you spend, and see if you can make minor adjustments to save a little extra! Happy saving