Balling On A Budget!

Managing money while trying to live your best life is a never-ending struggle that almost everyone faces at some point of their life. Below I have listed some of my favorite ways to generate and manage my income.

Create A Budget

An essential step to managing your money, is creating a realistic budget. No matter how big or small your income is, setting limits and keeping track of spending/saving is very important. It is common for most of us to have numerous debit/credit cards, which just makes it harder to keep track of when our money is coming or going. My recommendation is to use financing apps, such as Mint and/or QuickBooks, to help sync your accounts and create budgets. The Mint app, allows you to see how much you’re spending in a specific category, in comparison to how much your budget allows you to spend. In addition to that, both apps notify you when it’s time to pay bills or when all your accounts have reached less than $50, which lets you know it may be time to slow down on your spending.

No Transferring from Savings to Checking’s All 2018

The most important aspect of saving/budgeting is making the commitment and seeing it through. It’s so tempting to transfer money from your savings account to your checkings account when you want a new pair of shoes, a bag, or even when you need groceries. Creating a realistic budget and saving not only for trivial things, such as an upcoming vacation, but for long-term security is the goal. So right here, right now, let’s all commit to not transferring funds from our savings accounts to our checkings account, all 2018!


Let’s talk investments! As recent developments, such as Bitcoin, are coming to surface, more and more people are becoming keen to the idea of investing in stocks. Investing in stocks is a fantastic way to make passive income, but it is imperative that you educate yourself on how to confidently and intelligently evaluate stocks, and find ways to protect the money you earn. A few things to note before investing in any company are as followed:

  • You are not buying stocks, you’re buying a company

    • One of the main reasons why people invest in stocks, is because a company is making money. If you buy stocks in a company that is not making a profit, you are not investing, you are speculating. The more a company makes - the more money you will make when investing.

  • NEVER invest 100% of your assets into any stock, ever.

    • Be smart about your investments. Companies can opt for bankruptcy at any moment, and all that you invested will be gone. With every investment, remember that a stock’s price, and ultimate success, is dependent on the company, which in turn is dependent on its environment, which includes its customer base, its industry, the general economy, and the political climate, and these things are everchanging.

  • Know Why:

    • Have a good sense of why you want to invest into a certain company. Simply doing it because everyone else is, isn’t good enough. Research companies, their profitability, and the climate of the markets before making any decisions.

Let’s Talk Credit!

Having credit cards and maintaining a good credit score is looked at as a necessity in this day and age. There are plenty of myths and strategies online that people try to adopt in order to maintain healthy credit scores. To keep things short and simple, I recommend the following things:

1. Try not to spend more than 30% of your credit limit on your credit score. So, if your maximum limit is $100, attempt to only have a balance of $30 at all times.

2. Put a recurring bill on your credit card, and pay it off before the cycle is over

3. Pay a little more than the minimum payment – The faster you pay off your credit card, the less interest you’ll end up paying in the long run.

All in all, managing money and spending smart is the ultimate goal and I hope that all of you find these tips helpful in some way.  What are some of your tips for managing money? Comment below and let us know!

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-Written By Canika Shepard, Financial Analyst