Invest In Yourself: Finances

Welcome to the New Year! Wishing you a happy, healthy, and fruitful 2020. Have you thought about your New Year's resolutions? I simplified mine into one word: INVEST. And with that #2020vision in mind, I am starting a new blog series on how to INVEST this year, from investing in YOURSELF to your ENVIRONMENT and lastly your EXPERIENCES.

The first part will focus on INVESTING IN YOURSELF. Under this segment, I will be discussing first finances, followed by health/wellness, and ending with ways to expand your mind. Come join me on this journey as I help you discover the New Year with the Same You, just a Better Approach.

Photo credit: @coryjpopp

Often when people hear the word invest they think of finances, which is just one aspect of this 2020 blog series. This post specifically is dedicated to helping you find ways to save money for yourself now and in the future. As a resident physician, we typically make less than minimum wage in comparison to the number of hours we work, which makes pinching pennies a must (especially when this physician is also paying tuition for her MBA courses).

Listed below are some simple steps I implement in order to save more $$ while still maxing out that Roth IRA/401K/403B.

Just in case, here is a quick refresher from a great money-saving blog called The Penny Hoarder on the difference between these accounts:

Pro-tip: Invest more in your 401K/403B and put as much as you can in other areas like a Roth IRA or high interest earning accounts. What you cannot access or see, you won't use.

BUDGET

It is never too late to start saving or budgeting. You can start today by reviewing last month's charges, designate what was a want (flexible income) vs. a need (fixed income). Follow the 50/30/20 rule (50% needs, 30% wants, 20% savings) and ensure you're not going over. My favorite way to budget is with the MINT app. This lets me check all of my accounts in one place while comparing all my charges with my budgets in real time.

Pro-tip: Find the right credit card that works for you as well - I use mine as a "travel" savings card so that every time I spend money, I accrue points I can put toward my next trip.

UNSUBSCRIBE

Don't just delete those thirsty "SALE" e-mails your favorite stores are constantly sending. Take the two seconds to click "Unsubscribe." What you don't see can't tempt you!

CANCEL

Stop getting charged for services you're not able to fully utilize. Cancel all those memberships you're not using, skip a month of delivery, or change them to a cheaper subscription. Another option is to share an account with a family member or a friend.

USE

Apps like Ebates or Ibotta are great for helping you earn money back during those times you do have to make online purchases. A friend just told me about an app called Flipp that has deals for home needs like toothpaste, shampoo, body wash, etc. so you never have to pay full price.

MAKE

Get cooking and make your meals at home. Eliminate food waste, save that $dough$ by making your own, and limit your happy hours. Turn it into an at-home cooking class with a friend and tackle a new recipe in the kitchen. If you can, focus on vegetarian and plant-based meals because meat is expensive. If you do end up eating out, consider eating half your meal and getting the rest to-go so you get an extra dinner out of it!

DON'T

• Call an Uber/Lyft when you can just as easily walk.
• Buy expensive coffee from Starbucks (but if you do, make sure to download their app and join the Rewards program so you at least get points to redeem for a freebie).
• Get click happy with Amazon. Wait a few days and ask yourself if it's something you really need.
• Indulge in regular manicures or pedicures when you can just as easily do them at home.

DO

• Decrease your alcohol consumption or go to a BYOB and bring your own (cheaper) bottle.
• Lower your utility bill by eliminating vampire power through unplugging or using smart outlets that shut off power sources when not in use.
• Wear thicker clothes in the winter instead of turning on the heat.
• Find trial workouts nearby. A lot of gyms/studios offer a free class or even a free week of classes. Get your sweat and savings on!
• Get a library card :) They're free and give you access to FREE audiobooks/e-books that you can then download and listen to on commutes or read during downtime. I am currently binging Girl, Wash Your Face by Rachel Hollis (for FREE) on the CloudLibrary app and love it. If you don't have a library card (which you should get), Amazon is offering a free audiobook with an Audible trial - just remember to cancel before it charges you if you don't want to continue!

Shout out to my friend Priyanca for helping me brainstorm some of these ideas! I hope these help and if you're looking for more information, I highly recommend checking out the podcast Millenial Money as well as the book Broke Millenial.