one of my goals for this year is to be more intentional with what i buy and become more financially stable.

pay yourself first.
you need to save money. this is the foundation for good money management. set a savings goal for yourself, which can be a monetary goal or time-sensitive goal (i.e. $1,000 or saving for a summer trip) there are multiples ways you can save through savings challenges and rules. i, personally like to the 50/30/20 rule, where i save about $100 every time i get paid. this helps me to not overspend (a.k.a withdrawing from my savings account) and keep my savings.
track your spending and stick to a budget.
this goes hand in hand with savings. you need to track your spending so that you can create a budget. the 50/30/20 rule gives three categories: needs, wants, and savings. place each purchase in their respectful categories, and use all those purchases to create a budget. for example, if you are spending $250 on clothes every week, a budget can help you to see where that money can be better spent (and help you to cut down on the clothes spending). tracking your spending makes you to be conscious of how much you usually spend daily, weekly, or monthly. once you know the habit, then you can change the habit.

3. think before you buy and make a wishlist.

“if you can’t buy it twice, don’t buy it at all.” this is quite straightforward as it relates to wants. many people succumb to the fast consumerism culture of today. apps such as tiktok and instagram flood screens with ad after ad after ad, in hopes of you buying those products. there is no thought or intention behind it except for it’s trending or it’s cute. thinking through your purchases and creating a wishlist helps to lower these impulsive buys. i have a digital wishlist i add to every time i see something that i would want to buy. i am more thoughtful about how i will spend my money, opting to save up for the purchase, save generally, or buy something else. your wishlist can include luxury items or items that interest you, it’s up to you!

4. be wary of pushy marketing.

to continue my point, in the age of consumerism, it is hard to get away from ads and celebrities which influence us to buy more things. it is a constant daily battle. when you see words such as “SALE NOW!”, “LIMITED TIME OFFER!”, or even “TODAY ONLY!”, these messages invoke your impulsivity and create urgency. you may have bought something due to this type of marketing, leaving you with something you don’t actually like or use. once you understand what these messages mean, it’ll be easier to not spend money impulsively.

5. find different modes of income.

everyone tells you how to save money, but how do you make money? there are multiples ways to make money, the main one being a job. more people are getting into investing or a roth IRA savings account, or even doing flexible work such as tutoring. with investing, high risk equals high rewards. it seems complicated, turning many people away from doing it, but it doesn’t have to be. there are many videos, books, and posts about investing as beginner, which teach you about the process, step-by-step. with a roth IRA account, it is functional (mostly) on its own. it works like a savings account except it grows your money for you, as long as you continually deposit money into the account (a.k.a saving), and over time you will have more money than you put in.

here is a list of videos for starting your journey with investing and money management!

video playlist (direct link)