20SB Blog Carnival: Friends and Money

I recently took a financial fitness test sponsored by Charles Schwab as part of the Blogger Carnival entry for 20SB and scored a 95%. Feel free to try out the quiz too!

Friends and Money

Let’s face it, everyone makes a different paycheck, while some people may not even have one. It’s important to remember one thing: Money isn’t everything and the dollar value of your bank account does not measure who you truly are. Rather, I see the “money in the bank” as a security blanket for: my cost of life, my future, and for emergency situations. I keep track of my purchases as soon as I make them and I know how much my monthly Cost of Life ( rent, health and car insurances, car loans, cell phone, grocery, gas, and leisure) is. This way I see exactly where my money is going and how I can spend less on leisure(dining out, movies, trips, shopping, etc) if need be.  I find it useful to diversify my money, whether it be in stocks or a “do not touch” savings account. As an only child, I have always been taught to depend only on myself to make my financial purchases and to always be able to fully support myself. I have been lucky enough to have my family help me out a little if absolutely necessary. Even still, I am always looking for bargains and the best way to maximize what I earn for the best rewards possible. I’ve always seeked out a second source of income that will in return help out someone in the community. The most common source, tutoring, has been my side hustle”  , so that I can apply some of it to my spending habits.

When it comes to spending money, I’m huge on saving towards buying bigger items. I prevent myself from “impulsive spending”   so that I can spend on items that will give me a higher level of satisfaction.  That saving has been well worth it. In my 3 and a half years of working in the “real world” I’ve been able to survive a small period of job loss, without even touching my bank accounts, and only relying on unemployment funds. After regaining a job, I’ve been able to re-analyze my spending due to a significant drop in salary. All this time I have STILL been able to spend a little of the money I have saved into a few small vacations. Being able to take this time for little getaways is a sanity-saving and mood-lifting blessing.

When it comes to friends and money, I have been able to help out a few friends not with the details of their bank account ( since money is a touchy subject for some) but more-so with applying my practical mindset on balancing out major decisions in their lives, whether it be finding a place to live, choosing a car or other ways of transportation, or which graduate school to choose.The best advice is to be real about your money, with yourself.

If there’s one thing I have learned well, it is that you should always save for your future, but to never be afraid to spend a little to make yourself happy as well–because you never know what tomorrow will bring.

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