Before you can get better with your money, you have to pinpoint what your money triggers are.
Before you can get better with your money, you have to pinpoint what your money triggers are. Then the work of getting better with your money actually begins. It’s an emotional and psychological roller-coaster ride, that won’t be fixed with a black and white answer. So, you have to get creative and use strategies that can tackle your money triggers from where you’re at now. Every attempt will take multiple micro-adjustments in order to truly get better with money. Here are the 4 strategies that we used to help us to get better with our money as millennials.
The High-5 Banking Method
The High-5 Banking Method was one of the first game-changing steps we took that lay our financial foundation. We did this by using separate bank accounts to organize our finances with purpose. The method is composed of 5 bank accounts that allow our money to flow easily with our budget and other financial goals. The 5 accounts are Bills, Lifestyle, Emergency Fund, Long-Term Goals, and Short-Term Goals.
Some of the most apparent changes we’ve seen in our money are how organized our finances look and feel. Putting each dollar you make into a specific goal-oriented account can give your money such purpose. Because you’re prioritizing your bills and lifestyle while saving money for things that matter to you. Another great benefit is how it helps transition you into budgeting and creating saving goals like an emergency fund. These are just some of the top benefits you will see when using the High-5 Banking Method. On top of reducing how much time you spend on reviewing your money.
To learn more about the High-5 Banking Method click here.
When you’re trying to save money on food, the term meal prepping has been thrown around quite a bit. We first got introduced to meal prepping by workout gurus who cooked brown rice, broccoli, and chicken breast for every day of the week. Yah, that doesn’t sound maintainable or very enjoyable to eat. And those are probably the two of the main reasons that most people gave this term a bad reputation. To me, meal prepping is planning out your meals according to what’s on sale and actually cooking meals you like.
Instead, of sticking to how the fitness gurus meal prepped, we created our own version to save money. My husband and I started collaborating on meals, we had fewer dishes during the week and decreased our grocery budget. All of these micro-adjustments helped our marriage by eliminating the awful question of “What are we going to eat?”.
To learn more about how we meal prep to save money, check out 6 Ways I overcame meal prep burnout.
The funny part is that when you have everything you need, the excuse of having to go to Target becomes very weak.
One of our secret gems to saving money is buying in bulk. We purchase a large number of household essentials upfront to avoid the temptation of overspending at the store. This strategy alone has saved me $100s from my Target and Amazon addiction. The funny part is that when you have everything you need, the excuse of having to go to Target becomes very weak.
A few tips on bulk buying is to organize your home essentials by categories like bathroom, kitchen, and grooming. Then list out your shopping needs that can be bought in large quantities to be stored. Before when we didn’t have a garage, we turned our hallway closet into a small bulk buying storage. Having a garage or making extra space in your home for storage is a tricky business. But the benefits of reducing your shopping triggers are necessary. Especially if your on the path of cutting your Target and Amazon addiction. This strategy has helped me and can help you to reduce your spontaneous online shop or your frequent Target Run.
Paying Up Small Bills
Paying up our small bills has been one of the best financial strategies my family has ever done. This strategy alone has been a monthly stress reliever for our family and has boosted our money confidence. Instead of having 15-20 bills each month, we focused on eliminating the small bills that can be paid off quickly. This allowed us to feel like we have less required bills and reduce our monthly cost of living for the months we were ahead of. Which, frees up some money each month to be able to put towards debt or short-term goals.
This strategy became a small emergency fund hacks to be able to ensure access to the essential services we needed if we hit hard times. We transitioned into this by first paying up small bills that we knew we would carry with us no matter what. Like our cell phone bill, car insurance, and even some fun expenses like Disney +. We started to pay up our cell phone bill by 3 months and then eventually we increased it to 6- 12 months. This hack built our financial confidence up while we paid off debt and saved for our main emergency fund. Just knowing that our small bills were taken care of for the next 3-12 months was a game-changer for our finances.
Making Game-Changer Money Moves
The goal of using these strategies is for you to get better with your money. We started testing these strategies during our debt-free journey. But to this day, we still do use them. Because we want to continue to maximize how we manage our money. This isn’t something that we implement all at the same time. It took time and patience to learn our money triggers and how to curve them. That’s why It’s so important to open your self up to learn what strategy options you have to get on track with your money.