4 Lessons on the Cost of Saving Your Coins
“She has the gift of accepting her life.” - Jhumpa Lahiri, The Namesake
I have always wanted the gift of accepting my life and my potential, but when it came to finances I used to just accept my fate. My fate happened when I graduated from Stanford University with $100,000 dollars of student loans. They bill collectors didn’t start coming for their payments until 6 months after graduation. But when they did, they were like my pimp, waiting to collect every 24th of the month. Since this was my first time dealing with adult issues, I did not handle it appropriately at first. My motto was initially “out of sight, out of mind.”
But I matured quickly regarding my finances when the bills started to pile up. I will be paying off my loans for a very long time and because of my ambition to my financially independent, I have found ways to make up for the extra monthly costs. With the current status of the world economy and the high competition for jobs, it is almost essential that young professionals strive for financially stability regardless of the difficulty.
Here are some tips and tricks to work towards your financial future:
Here are some tips and tricks to work towards your financial future:
1. Side Hustles
One of the best ways to save more money is to make more money. Think about all of the activities you enjoy doing outside of work and develop ways to get paid for them. Bartending, tutoring, baking, etc. Anything is possible. This extra money can be used for bills, debt, or just your everyday savings account.
2. Rainy Day Funds
Your budget will be your savior! Plan for your week and decide how much money you need to spend versus how much money you want to spend. Also decide on how much money you would like to save on a monthly basis.
Your budget will be your savior! Plan for your week and decide how much money you need to spend versus how much money you want to spend. Also decide on how much money you would like to save on a monthly basis.
3. One is the Loneliest Number
One of the most expensive things on your budget will be living arrangements. Do not feel ashamed to live with people. Every twenty-something does it and your bank account will thank you for it later.
One of the most expensive things on your budget will be living arrangements. Do not feel ashamed to live with people. Every twenty-something does it and your bank account will thank you for it later.
4. Oh, The Company You Keep
Stay away from negative influences - budgetless friends, “Shop Til You Drop” trips, and expensive indulgences. Keep you eye on the prize!
Stay away from negative influences - budgetless friends, “Shop Til You Drop” trips, and expensive indulgences. Keep you eye on the prize!
We are aware that money has always been associated with independence and power. While money should never define your worth, it is helpful to have financial stability in order to appreciate your experiences.
The small sacrifices that you make now for your bank account, will allow you to completely embrace and accept your life in the future.
What are some of your tricks to improving your financial future?
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Alexandria Noel Butler, affectionately known as Lexi B, is St. Louis, Missouri raised and San Francisco Bay Area remixed. After graduating from Stanford University in 2011, she began working in the Silicon Valley. While working, Lexi B developed a passion for the young professional experience and created the Grown Up Truth to discuss the twenty-something experience. To receive daily updates about Lexi’s adventures, follow her on Twitter and Instagram.
