Cash is king, and so is solid financial advice. No matter your age, income, or bankroll status, we all could benefit from some guidance when it comes to our money. Whether you're investing in furthering your education, still paying off student loans, or cutting back on those $12 salads (guilty!), I'll discuss one timeless budgeting tip a week from a different historical figure who had their $%*+ together! This week let's hear it for America's first personal-finance writer, Benjamin Franklin (applause).
In 1758, Benjamin Franklin wrote an essay called The Way to Wealth, which is essentially a systematic code to secure your financial future. Much of Benjamin’s advice was based the theme of frugality – sounds cheap, I know. But it’s legit and there’s a reason why this viewpoint is still relevant even after 250+ years.
“Buy what you don’t need, and you will sell what you need.”– Benjamin Franklin
Benjamin Franklin believed that success in finance requires self-discipline and the ability to separate wants and needs and delay those "wants" until you can actually afford them – sorry, not sorry AMEX. So how can we save money but still enjoy things? Here's my 21st century take on it:
Between gym memberships, music, streaming, and life-style subscriptions, expenses have a way of going from 0 to 100 real quick. IDK if it's just me, but it seems like every time I need to run out to “grab something,” it ends up costing me a Benjamin (no pun intended!). Saving money is hard when you live pay-check to pay-check, got bills to pay, and an expensive taste in cosmetic products. But what I've found to be really helpful and empowering is a savings account that offers automatic transfers- TG for technology! Having that auto-withdrawal capability makes saving and living within your means so much easier for three reasons:
#1 You don't have to think about it
Automatic saving transfers simply take the guesswork out saving. I love not having to think about how much I need to put aside each month because my account does the work for me. The only thing you gotta' worry about is increasing your transfer amount once you get that raise or promotion – like that’s a bad thing, lol!
#2 False promises
Imagine yourself on Friday night after getting paid. Does "I'll put some of this money away later" sound familiar? Been there, did not do that. An automatic savings plan keeps you from making excuses and prevents the (sigh) disappointment of not following through with your goals.
#3 Living within your means
Practicing “frugality” doesn't necessarily mean you can't treat yourself. I mean YOLO, right? Rather, it's about taking action on your financial goals. An automatic saving plan ensures that you're paying yourself first and offers peace of mind for those ‘treat yourself’ moments - like that $25 face mask that guarantees fewer wrinkles after one use.
I hope this info was inspiring! Sadie Tanner Mossell Alexander's achievements are proof that anything is possible. Need some more advice? Talk to an intuitive Psychic to learn how to reach your goals and overcome roadblocks along the way. I'll catch you next week for another issue of Budget Tips from Beyond.
This article is part one of a series. View additional articles in this series by going here!