Somewhere between post-holiday sales and finding the perfect V-Day gift for bae (or yourself), it happened. You all but abandoned your 2016 #FinanceGOALS. After all, those holiday cash gifts and that new semester refund check just looked too good not to spend.
Unfortunately, unlike that Love & Hip Hop habit you vowed to kick back in December 2015 (and December 2014), your money won’t last without proper management. To get back on track, read on and get your (financial) life in the months to come!
- Write it DOWN: Digitally or on paper, create a list of both short-term goals that you can accomplish within the year, as well as goals for the long haul. Next, brainstorm exactly how you will reach each objective. Consider this outline your financial road map.
2. Track It: In the age of (too much?) data, from calories to orgasms, we can officially begin tracking every bit of our daily lives. In 2016, apply some of that hyper-monitoring to your bank accounts! Download a mobile budgeting app ASAP and see just where your money is going.
While you’re at it, know your credit score: Whether you’re currently on campus, just starting out at a 9-to-5, or somewhere in between, make this the year you master your credit. (And add a credit monitoring app to your “to-download” list).
3. Cleanse: To help develop a better LTR with your cash, harness the immediate empowerment of a short-term wallet cleanse. Those offered by The Finance Bar and The Budgetnista will help you hit reset on your money mentality.
4. Reorganize Your Money: Having a single set of checking and savings accounts is great… until $200 of your savings gets pulled into your linked checking account for emergency (i.e; Sephora) purposes.
The fix? Divide your dollars by purpose across separate accounts, and only spend them towards their earmarked use. Help ease the struggle by using a variety of banks, leaving unrelated accounts unlinked. (And making it that much harder to frivolously transfer money between them)!
5. Get your side hustle on: Because the only thing better than managing your money is managing more money. Read here for a few money-making skills to develop while on campus, or in addition to your current day-gig!