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Proper money management takes time to develop. It isn't really a "cold turkey" type of thing, where you can just flip a switch and suddenly save every penny. But when it comes to our finances, every little baby step counts, and even the smallest of good habits can help push us forward.
So we rounded up some great money habits that members of the BuzzFeed Community actually swear by. Here are some of the insightful words of wisdom they shared:
Always keep in mind that financial advice is not one-size-fits-all. Always take your personal circumstances into account, and when in doubt, speak to a financial adviser.
1. "This is kinda small and not that big a deal, but has helped me many times. I only like to spend money once a day — like, whether it’s buying lunch or a coffee in the morning or a drink after work. And some days I just go straight to work and come home and bring my lunch, so I don’t need to spend money at all, unless it’s like a regular bill. Kinda small, but it’s helped in the past to limit myself."
2. "It's super simple, but I found creating a 'no-spend list' to be super helpful. I set time limits on things, like not buying any new clothes for three months, or no new makeup for four months, etc."
"I didn't have a lot of extra money coming in, so it was one of the only way I could create some savings. After a while, I found myself kind of stretching the time limits, because most of the stuff wasn't anything I actually needed anyway."
3. "Save for the rainy days, but save for the sunny days, too."
While it's super important to have an emergency fund that can help you cover unexpected bills, it's just as important to save for things that will bring you joy. Whether that means creating a vacation fund, setting aside a little fun money to spend throughout the month, or saving up for a home is totally up to you.
4. "Use cash for 'play stuff,' like candles. Giving away dollars simply hurts more. Start with a set amount you can easily afford each month, and watch it whittle away as you spend. Priorities change a lot when folding money is at stake. Make a cute jar, and keep it where you can see it. When that jar gets full? That’s joy."
5. "Make charity a BILL. Whether it’s $20 a month to spend on buying a stranger’s cup of coffee behind you in the drive-thru (happened to me last week. Thanks, buddy!) or donating cash to the local shelter, I guarantee you that this money will bring you more happiness than the $500 you spent doing aimless shit or buying nasty but filling takeout."
"Trust me. Seeing someone’s happiness bloom from your generosity is an amazing thing! Even if they can easily afford it, you’re still extending them kindness. We all need that now."
6. "Always do your laundry and organize your closet/drawers before buying any new clothing items. There were so many times when I bought a new sweater or shirt because I didn’t think I already owned it. If you like something in the store, chances are you’ve liked a similar item in the past and bought it."
7. "Always have at least six months' worth of income saved in the bank at all times. You never know when you could get fired/laid off and need money while transitioning."
8. "Buy things like bulk toothpaste. You can buy two years' worth of toothpaste for 50% off or lower and not have to waste time going to the store and wanting to spend money on unnecessary things. Over time, it's considerably cheaper and can save you thousands if you do it on some items."
9. "I have a savings account that has a card that can only be used at the bank's ATMs. I also can't [digitally] transfer money out of it, so everything has to be done by cash. I requested these things because it is purely for emergencies, so once I put the money in there, I just forget about it."
10. "If you have a 401(k) at work, anytime you get a raise, bump up your 401(k) contribution by 1%. Assuming your raise was more than 1%, you still get more take-home pay and will never miss the other 1% you’re saving. Also, if your company matches 401(k) contributions, make sure you get the max!"
11. "I sometimes used to think of hours worked as a price of things. So if you make $15 an hour, and something costs $45, ask yourself if it's worth three hours of your time. Or to buy a $5 coffee, it will require 20 mins of work. It really helps put things into perspective."
12. "Rakuten is a blessing. You get a small percentage back on certain purchases, and four times a year, they deposit that money back into your account. I sometimes forget about it until I see a deposit. Last month was $50."
13. "One thing I do that helps me save money is I wait before I buy something I want. I go to our state fair at least twice every year. If I see something I want the first time I go, I don't buy it but wait until I go back on the last day. If I'm still thinking about it, I'll buy it. If I've forgotten what it was, I obviously don't need it."
14. "Checking my account regularly saved me a number of years ago. I checked my account and noticed a check cleared, but I didn't remember writing it. I looked at my checkbook and realized I was on check #1100 or so, and check #1500 had cleared. I went to my bank and got a new account number ASAP. It turned out that someone had stolen blank checks from my mailbox. I made a sheriff's report and sent a copy whenever I'd get a letter about a bounced check."
When you have *multiple* accounts, it can be a bit overwhelming to keep tabs on all of them — especially if you're always forgetting your login info (ugh!). It helps to use an app like Simplifi, since you'll be able to sync all of your online accounts and have one convenient way to check up on all of them in seconds. It'll keep your recent transactions front-and-center so you don't have to painstakingly comb through all your statements (a time-saver!). And you can even categorize your spending, so you can get a bird's-eye view of what you spend on the most (and the least).
15. "Take good care of your things. Treat your car well, your furniture and appliances, and make them last. I'm almost 40, and I've owned two cars in my life and don't plan on replacing number two anytime soon. And you don't actually have to buy a new cell phone just because you paid off your current one. No one actually cares what phone you have."
16. "Just shifting your way of thinking about money is huge. Live below your means; be frugal now so you can have freedom later. Getting into debt is so normal these days, but it’s a crippling thing for people."
17. "While I agree with putting money away and helping it grow, don’t forget to budget for a little joy if you can."
"If you get a gift check or bonus, split it so you can spend on something that makes you happy now, and save to feel secure in the future. In the end, I try to think of money as a tool for living, and my life is better sometimes with a $25 thing I love than with an extra $25 in savings."
Got any other genius money tips that you swear by? Share 'em in the comments below!
And while you're at it, check out some of our other personal finance posts.
Note: Comments have been edited for length and/or clarity.