My Money Story: How Jasmine Saved $8,000 in 7 months
Jasmine has gone from not having a savings account at all, to becoming very passionate about saving money. She has saved over $8,000 in 7 months and is focused on continuing to grow her savings. Today, she is sharing her progress with us!
"Determine your goal, make a plan, take action. These 3 steps are essential to achieving your financial goals or any goal for that matter."
What was your "enough is enough" moment?
I knew I had enough when I felt restricted and stuck. I did not want to stay a victim and I knew some changes had to be made. Everyday, I actively chose to give it my all because I knew it would be worth it in the end and it most certainly was.
How much debt did you pay off in total? How much money did you save in total?
I started off with $0 in my savings account and I saved a little over $8,000.00 in less than 7 months.
How did you keep yourself motivated?
There were many moments where I broke down because I was so mentally and physically exhausted all the time. The only time I had to rest was when I was asleep, which wasn't a lot. Whenever I had these breakdowns, I would take time to myself to remind myself what this was all for. I knew why I was doing this and I knew all this hard work would be worth it in the end and it was! The key to achieving any goal in life is to always keep the bigger picture in mind. Work hard now so you can relax later.
How did you manage the days where you just wanted to go out and spend money?
I think there's a difference between splurging and treating yourself, especially when saving. Finding the balance is essential. I found the more I restricted myself from buying anything, the more I wanted to buy unnecessary things. So I treated myself every once in awhile. Treating yourself doesn't have to be expensive either. Don't restrict yourself and you won't feel the need to indulge.
What would be your money advice to your younger self?
My advice about money would be: Money comes and money definitely goes.
After I saved enough to move out, I quit my job at Burger King, which was my main source of income. I had enough money saved to last me at least 6 months, but my mistake was spending as if that amount of revenue was still coming and it wasn't. Before I knew it, I was broke and forced to use credit cards.
What steps are you taking to ensure your debt freedom is permanent? What steps are you taking to ensure you meet your ultimate savings goals?
I am almost done paying off the debt I have accumulated and it feels so good! My tips to paying off debt fast and saving is to pay off your debt first.
For the longest time I was trying to pay off my debt and save at the same time and I never saw any progress. It didn't dawn on me until recently that I should pay off any money owed and then began to save.
Another tip for paying off debt is to overpay the minimum amount required. Not only will you end up paying less in interest, you will pay it off quicker. And lastly, any extra money I might receive, I immediately put towards my debt.
To ensure I reach my savings/debt free goals, I am being cautious of what I am spending my money on. This means not eating out everyday and not needing to buy the newest makeup palette that comes out every other month. I'm making sure to spend within my means.
I am also putting away a certain percentage of my checks into my savings and leaving it there. It also doesn't hurt to make extra money on the side.
What advice would you give anyone reading this looking for encouragement?
Determine your goal, make a plan, take action. These 3 steps are essential to achieving your financial goals or any goal for that matter. Don't forget to track your progress and remind yourself of what your end goal is. It's easy to cave in or give up when you feel overwhelmed and discouraged. However, the biggest sacrifices tend to have the biggest results. Stay positive and have some patience and faith!.
Great job Jasmine! We cannot wait to see how well you follow your savings plan in the coming months. We know you will keep achieving your goals!