Making money mistakes is easy to do. But you can also avoid getting into trouble by following these 10 simple tips:

  1. Put it on paper. It’s not good enough to have it in your head. List all of your regular expenses, from hair care to mobile phone bills, and everything in between. TIP: Don’t create a miscellaneous column and put things like CDs and magazines in it. If you buy them on a regular basis, label them as “Entertainment.”
  2. Define your short-term goals. Do you want to take a Caribbean vacation with a group of friends? Get your own apartment? Or maybe buy that special someone a great Christmas gift? Plan for it! TIP: At this stage of your life you might have a little less money than you’d like, but you can still get what you want and have a little fun if you create a plan and stick to it.
  3. Keep a mini version of your budget. Keep it in your wallet, purse, or wherever you’ll see it each time you have to spend money or are considering making a non-budgeted purchase. TIP: “Out of sight, out of mind” should be your motto for your ex-boyfriend, not your budget. Reminding yourself that you’re saving for your own apartment might be just the motivation you need not to overspend.
  4. Track all spending. Getting to the checkout counter and finding out that you don’t have any money isn’t cool. Make sure you are aware of your cash standing at all times. TIP: Keep purchase receipts in the same section of your wallet as cash that way you’ll have a running total of what you’ve spent and where. Also, check your bank balance regularly.
  5. Avoid using the ATM. Don’t use the ATM for more than the allowable number of free transactions per month. TIP: Always keep $20 to $50 in an easily accessible place and pull from your reserve before running to the ATM. Be sure to replace any borrowed money on your next bank visit.
  6. Develop a radar for your money wasters. Things like daily cups of gourmet coffee, cigarettes, eating out, snack or vending machines can really bust your budget. TIP: If you’re hitting the vending machine more than two times a week, you need to make a trip to the grocery store and get your snacks in bulk.
  7. Cash is emotional, plastic is not. When deciding what purchases to put on your credit card, ask yourself, “Would I buy it if I had the cash?” TIP: When you use your card to purchase something new, the interest you accrue results in you paying three to five times more for the item than if you paid cash.
  8. Eliminate one money waster every quarter. Don’t allow senseless fees eat a hole in your pocket. Get serious about keeping your money where it belongs, in your hands. Commit to plugging at least one leak every three months.  TIP: Avoiding late fees for video rentals, over-the-limit fees for credit card payments, and parking tickets can mean more cash in your pocket.
  9. Save all of your change. Commit to putting all of your loose change in a jar. At the end of a few months, count the change. You’ll be surprised how much you saved! TIP: Most banks or supermarkets have automatic change counters. When you figure out how much you have, put half toward your short-term goal and buy something that you know you’ve earned because of your new commitment to stick to a budget!

  10. Allow room for treats, hobbies, and hanging out. TIP: If you’re going to splurge, you might as well save look online for places that have printable coupons to restaurants, bowling alley’s and movie theaters. If you’re in college or grad school always be on the for discounts, deals, coupons, and freebies that you can taken advantage of with your student status.

© Sanyika Calloway Boyce, Financial Fitness Coach