I ended up taking the lowest paying job. What’s up beautiful people welcome back to my channel, I’m Erin, and this is Erin on demand where we are all about owning our business, owning our lives and uh Naggar happiness, and today we are talking about owning our money. Okay, this is such an important component of entrepreneurship, and a lot of people want to be entrepreneurs because they feel like it will. It is their route to financial freedom, but if we do not practice really disciplined financial habits in our personal lives, it’s going to be so hard to grow as an entrepreneur or a business owner, because it’s just financial planning on a whole new level.
I posted on instagram stores. If you are, you know on instagram make sure you follow me, because I do interact quite a bit on my stories.. How I saved you know. Ten thousand dollars in ten months on my thirty thousand dollar salary. and I just want to note that I am NOT a financial planner. These are just some things that I implement it into my life. That really helps me not just save a lot but change. My mindset on money, which is really the first step in saving now a little bit of backstory on me, is that when I graduated from college, I chose the route that most people probably don’t prefer to choose. I applied for multiple jobs in multiple locations. New York, Atlanta DC LA and I ended up taking the one job that I applied for in Michigan, so I’m from Michigan. I ended up taking the one job that I applied for it, that was the lowest paying job. This job paid thirty thousand dollars a year, but the thing is is that I wouldn’t have to pay any bills, so I didn’t have any expenses besides my student loans, so I was able to move back in with my parents, which you know drive my high school Hoopty that I’ve had and I still have – and I still drive and I didn’t have any bills. So that was the reason why I chose that job. I want you guys to know that. Yes, my situation is probably not the typical one of moving back in and driving my old car, but it was a decision that I made for my financial stability and freedom, so there were jobs in New York $60,000 jobs, but I moved that pretty much. All of my income would be absorbed through my expenses, so at the bottom line.
When I looked at everything for its net worth, this job actually paid the most money to me, where I wasn’t paying everybody else first and then paying myself the least amount. I was able to pretty much pocket everything that I earned so even though I was making only $30,000 a year, I was making a lot of money because I was able to save a big chunk of that. Okay, so that is my backstory. Here. Are a few of the tips and the things that I implemented during that time to actually save the money? The first thing is knowing and understanding that saving is just a series of disciplined decisions, nothing more, nothing less. People want to have this like miraculous, app or miraculous thing that enables them to save more money than they actually have. That is not possible. Okay, you have to make the money in order to save the money. First of all, the the main thing is: you have to either increase your income or decrease your expenses. So that’s pretty much. The mindset that I had in moving back home was that I was able to significantly decrease my expenses. That’s the first principle, increase your income or decrease your expenses and if your money is being absorbed. So if you are in this situation, where you do have bills – and you do have expenses – and you still want to save aggressively right now – it is so easy to make more money, but it is also very easy to decrease our expenses. So I’m gonna kind of go into both of those the first way to increase your income y’all, as so many five hustles out here. If you have a camera, if you know how to take pictures, everybody wants to have the Instagram popping right now I mean the obvious ones like uber and lyft, but there are also really cool things like virtual assistants websites, like fiverr.com, where you can enroll your services And people can just go in there and purchase your services from you. You can print cool graphics if you’re a graphic designer and sell those on Etsy or on social society6. I mean there are a ton of side hustles that you can do that, probably don’t take a lot of time.
The second thing is know where your money is going, and this is where you can really start to decrease your expenses a lot of times. We look up and we’re like. Oh my gosh: where did my money go? What did I spend on? I didn’t even buy anything major this month. I know I’m right here with you. We make so many small spending decisions throughout the day that we don’t even realize we’re spending. So you wake up and you get that $3 coffee. And then you spend only $7 on lunch, but that’s already $10 and then you don’t feel like cooking tonight, even though you already grocery shops and you end up, spending $15 on uber eats, and that is $25. You spent in one day, and that happens often more often than not, and so I just want you guys to know that you can manage your expenses with more disciplines. So here’s what I would do. I print out my bank statement and I categorized everything, so I signed a different color highlighter to each category, so one was for bills, one other color was for eaten up. Another color is for shopping, another color is for gas or groceries or things that, may you know kind of fluctuate, but our expenses. I would go through print my bank statement and highlight everything in a different color that applies to that category and tally it up, and you will be so stuck at how much money you spend on things that you really don’t even need, so you can cut significantly From eating out, I know that was a big one for me, even groceries, you can cut significantly if you shop on sale. If you coupon things like that. You cannot cut expenses. If you don’t know where your money is going, so that’s the first thing figure out how much you’re spending on each category and figure out where you can nibble those expenses down. The fourth thing is: stop trying to keep up with the Joneses okay. When I graduated college, I, yes, I wanted a new car. I call my car Gigi because she is a gas guzzler and she don’t play no games. Okay, I don’t want Gigi no more, but I don’t want a car note even more. I have learned how to shop on a budget how to just accept things as they are, and I rather have money – and you know not look rich than to look like. I got all this money and being broke.
A lot of us feel like we need to get a new car once we graduate or we have to you know we cannot move back in with our parents or you know I some. I understand that some people, just don’t have the ability to do that, but if you can’t avoid it, if there are things that you can put off for a while, it is not a hundred percent necessary and you feel like you’re just doing it. For ego just see how long you can go with holding it off paying a thousand dollars for a handbag, or you know getting a card that you really can’t afford right. Now, that’s really going to put a lot of pressure on your money. You know try to change your mindset and really dig deep, because there are a lot of psychological things that go into that type of mentality as well, that aren’t very healthy, so find the root of why you’re spending money so assess. What are your spending? Weakness is if you eat out all the time. Maybe you need to once you grocery shop that day try a meal prep a couple of meals, a couple of little snacks that you can take on the go. So when you do get hungry, you have things readily available. Not only is that healthier, but it’s just gonna help. You manage your money better. It helps to decrease that expense. Another is. I love online shopping. I’m a big Amazon er, a big clothing shopper online. I have to stop looking at like I won’t even go on my websites if I am NOT ready to buy something. If I don’t have a budget to buy, I’m not even gonna look, because I know that I’m gonna see something I like and it’s gonna shift around my budget. So if you have weaknesses, make sure you identify them and do what you can to avoid them. Another thing is to think of money in terms of time. So if you work on an hourly wage, say you get paid $10 an hour and you want to buy a pair of $100. Shoes just think was this pair of shoes worth 10 hours of me? Working that really puts things into perspective. Was this meal? Where, at the hour of my time, you know if you can start thinking about money in terms of time, it’s really gonna shock. You and you can even do this on salary. You can break down your salary in terms of hours and really see how much you’re making an hour.
You know help you kind of think about how much work you put into buying one item and how long it took you to earn that money and how quickly you’re about to spend it now say you’re a person who is doing all of this stuff. You got your discipline here, you earn it another way. You can decrease your expenses and kind of push a little bit more money and see your savings is by using tools like digit or keep the change. So how did you works is? Is it takes small amounts kind of unnoticeable amounts of money out of your account at random? It monitors your spending and it takes it out. According to your spending and small amounts that you really don’t notice – and I have used digit before, but now that I have Bank of America – and I have keep the change – I don’t use digit anymore, you can insert savings goals in there and, if you I have Like 20 dollars in your account, it’s not gonna take $15 out. I mean it takes really small amounts based on how it assesses your spending. So that is a great option for anyone who kind of wants to save little bits as well throughout throughout the month. In addition to you know, however, lump sum of saving you want to do. You can also coupon or just shop on sale. Look at your pantry before you leave to go to the grocery store and see what you already have and how you can make meals out of things that you already have so you’re, not buying every single ingredient for a meal every single week. Another thing I recommend doing is using your credit card for things that you can get cash back on. Instead of using your credit card for things you can’t afford and trying to pay small amounts on it, use your credit card for everyday expenses like gas and groceries, because you’re gonna get points and get cash back for that stuff. The last thing is to start small, I mean you, don’t have to save a thousand dollars a month if you don’t have a thousand dollars a month to save, but saving anything is better than not saving at all and you guys for real We spend so much money, stop spending so frivolously and just start being more disciplined in your decisions on a very day-to-day basis, because every dollar counts.
We have to value every single dollar the same way You might not have ten thousand dollars, but even if you saved a dollar a day, that’s three hundred and sixty-five dollars at the end of the year So imagine, if you can say, put aside fifty dollars a week or a hundred dollars a month It’s still going to add up my biggest thing I want you guys to take away from this Video is that saving is really amana said there are no secrets to saving We have to kind of deconstruct Our thoughts on saving saving is not hard It just is discipline and once you start seeing your savings build, you want to keep saving That’s the thing like once you start and see like okay thousand dollars Now I can’t wait to get to two thousand dollars or I can’t wait to say 500 more dollars or when I get this bonus, I’m putting that all into my savings, I’m not even gonna go on a trip this year, like once, you start seeing your Savings grow It will become addicting to continue to see it grow, so you just kind of have to get over that initial hump once you practice that discipline day after day after day, it’ll become a part of you value, every single dollar like don’t think this is just a Dollar, I’m saving from this coupon like understand that that dollar means something, but the principle increase your income or decrease your expenses One of those two things so allow yourself more room to pay yourself, which is your savings Let me know what is your weak spot when it comes to spending, because who i’ma tell y’all mine is definitely food and shopping So let me know I’m curious to know on that note make sure you like it share it with people who you think could benefit from some of these tips, and I will see you guys next time, oh and when you subscribe make sure you hit the notification bell, but definitely every Tuesday, so make sure you check back in or I hit the notification bell, so you can get notified when they are dropping okay On that note, I will see you guys next time I love you guys and bye Bye,