Can I start this off with another 'let's be real here'? I mean it's only right that I give you the tea when delivering blogs to you guys. I'm not cookie cutter and I'm not going to sugarcoat when it comes to work ethic and optimizing your life.
Investing in your brand on a minimum wage paycheck is not impossible, but I know for a fact it requires patience and sacrifice.
I managed to optimize my current life situation and make the best of what I have NOW even if that meant sacrificing trips to the nail salon and getting my hair done every other week.
1.) LIVE BELOW YOUR MEANS
Living above our means is the all time mistake that we make with our money. We believe the more money we make, the more responsibility we should take on. WRONG. More money=more saving. That extra coin will allow you to invest in what you love.
2.) CUT ALL BILLS DOWN
Cut all of the unnecessary items out! Anything like phone bills, Netflix, cable, etc. can be cut out. I promise you can live without it. After I paid my phone off with T-Mobile, I switched over to a pre-paid plan because I didn't have the time or money to keep playing with T-Mobile. I am perfectly fine with my iPhone 5c and 40$ bill each month.
3.) SPLIT LIVING EXPENSES WITH SOMEONE YOU TRUST
Having a roommate or partner can help you out a ton! Helping each other out by cutting down the cost of living can help you save so you could put money towards things that you want. Put your ego of wanting to have your 'own' to the side and optimize your current situation.
4.) PAY YOURSELF FIRST
As soon as you get paid, transfer a good amount of money to your savings account and leave it! You could also have a percentage of your wages automatically sent to a separate bank account so you won't even see it when it hits your paycheck. You could get this done through your HR department at your job.
I also budget by using an excel spreadsheet. This helps me see exactly where my money is going. Once I started using this spreadsheet, I really noticed how bad I was with money. I knew I had to change that real quick! If I plan on buying a house by the time I'm 32 then it's time to get my life & coins in order. If you want to start managing money better to increase your savings, then check out the SLAY THY BUDGET EXCEL SPREADSHEET. This is the exact spreadsheet that I used for budgeting in 2016.
5.) STAY AWAY FROM FINANCIAL OBLIGATIONS
Car notes is a sucker. If you don't have support from family and you are 100% independent, then please do me a favor and buy a cash car. I am telling you from personal experiences. Financial obligations will only add pressure to you when going through times where you aren't financially stable.
Be careful and speak to people who could help you choose a cash car to fit your needs.
Financial obligations such as credit cards, loans, and leases could potentially put you in a burden and stressful situations. Stay away from them as much as possible so you could enjoy the freedom that's supposed to come with being a young adult such as traveling or moving to a new city.
Starting a brand takes an investment and if you aren't willing to sacrifice then be prepared to lose. Stay in the game, invest in yourself, and continue to optimize your life no matter what your situation may be.
Get your Financial Excel Spreadsheet Here!