Money is an integral part of our lives. (Duh). Almost everything we need and want has to be paid for. The problem is, with most people there always seems to be a lack of money. Often, (especially in college) I hear people saying they’re broke; whether because they actually feel that way or because it’s just something college students say. The first thing we need to do to have abundance and manage our money is to stop going on about how we don’t have any. Your thoughts create your reality. If you’re constantly worrying and complaining about the lack in your life, that lack will continue. So my first money tip is:
1. Be grateful (no complaining).
Once you get some sort of income, whether it’s allowance given by your parents or wages from your job, you need to start saving. It can be so easy to spend all the money we make, those adorable black pumps, afternoon coffee/tea, a new Lilly dress, gas, groceries…so many things to buy! But here’s the thing, in case of an emergency or if you decide one day you need to get away and go on a trip, you need to have some money saved up. Savings means security, it’s a cushion that you can fall on when your car breaks down or your rent goes up. Saving can be difficult at times, but it is essential. If you have some sort of income, make a budget, set aside most of your money for things you need (gas, groceries, rent, electricity), a little bit for things you want (clothes, make up, manicures) and a little bit for miscellaneous (eating out, the movies, afternoon coffee, gifts etc). And out of every pay check, set aside a portion for savings. Start a savings account, your future self will thank you, I promise.
2. Start saving today.
I think it’s important to have a wardrobe that you love and feel comfortable in. A good way to have a beautiful wardrobe while not spending all your money is to have a capsule wardrobe. This is something I learned from Madame Chic. In her book, one of the lessons Jennifer Scott learned in Paris was to have a wardrobe that emphasized quality over quantity. I love this. I realized how many times I had bought something on impulse or because it was on sale and then hardly wore it later. There were so many pieces that I didn’t really love and rarely wore. The idea of a capsule wardrobe is that you have everything you need and most of it should be the best quality you can afford. At the same time, you cut down your wardrobe to only a few, beautiful and high quality pieces. A capsule wardrobe requires a lot of planning, you have to sit down and think about what you already have and what you still need. Have a few pieces that you love instead of many that you hardly wear. Doing this will save you money, time and closet space!
3. Start a capsule wardrobe.
When it comes down to it, money only exists in our minds. (Weird, I know). The truth is that money is just a stand-in for what we value. Therefore what we need to know is what we value most. Food, a place to live, security and mobility are all things that we may take for granted; but whether we are aware of it or not, they are things that are always at the top of our need list. Saving money is a way to ensure we can always have these things that we really need. Don’t see saving as having less pocket money, see it as serving your primary needs and security should something happen.
4. Recognize your real priorities.
Money is confidence. I don’t mean that in a vain way like if you can buy all the best clothes you’ll be confident. I mean that if you have a cushion that you can fall on should something happen, that knowledge that you can take care of yourself will bring you a sense of ease and self-confidence. We rely on our parents for the first 18 or so years of our lives and that’s okay! But once you start growing up that dependence on your parents will only hold you back.
I hope everyone is having a lovely, abundant week. Remember to take a few minutes to say thank you for all your blessings, gratitude is the foundation for attracting more into your life!