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Budget Now and Treat Yourself Later

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It’s tough for women to save money, and it’s not because we’re addicted to iced lattes and shoe sales.

Even though the wage gap is slowly but surely closing, women still earn $11,500 less a year than their male counterparts. That’s not exactly pocket change. The amount is so significant that women are struggling to build wealth both because they have less money to save and because they’re afraid of investing the money they were able to save in the first place.

If you’re having a hard time budgeting your income, you aren’t alone. However, saving might be easier than you think. Budgeting doesn’t have to be about eating cold Campbell’s from the can, and investing doesn’t have to involve throwing all your hard-earned cash at the stock market.

Ditch Draining Expenses

When you start planning a budget, look out for things that needlessly drain your bank account. For example, you could replace your pricy gym membership with home workouts, potentially saving you upwards of $1000 a year. You can find all kinds of free workout videos on the Web, and there are tons of apps that can help you plan a routine and keep you motivated.

Also look for ways to save even miniscule amounts of money. Take the bus to work a couple of times a week to save gas, or talk with your cable and cell phone providers to learn about promotions or special deals. Let them know you’re looking to cut expenses. Chances are they’ll work with you to keep your business.

Shop Smart

Image via Flickr by Gerard Stolk (vers demain)

We may have rolled our eyes at our moms standing at the checkout counter, shuffling through coupons back in the day, but we understand her struggle now. Whether you’re shopping for groceries or clothes, always keep an eye out for sales and discounts. If you’re not good at recognizing a great deal, take someone along with you who is so you can learn their ways.

Additionally, part of smart shopping involves knowing how to get the best value for your dollar. That isn’t always the same thing as picking out the cheapest option. Items tend to last a lot longer if they’re higher quality, meaning you won’t need to replace them as often.

Host a Swap Party

Image via Flickr by stumayhew

You aren’t the only one getting tired of the same old mountain of clothes. Instead of heading to the mall every time you think you need a new outfit, try hosting a swap party. Invite your friends to bring over their gently used stuff, drink some wine, and have fun swapping clothes or other items they don’t want anymore but could be useful to someone else.

Invest in Your Future

You don’t have to be a wolf of Wall Street to make wise investments. If you have one of those grown-up jobs with a fancy 401(k), consider paying more into it each month. According to MSN Money, if you invest $83 a month in your plan, you’ll be investing $1000 a year towards your future.

Also, take a look at bedrock stocks. These are investments in companies that’ll be around for a while, like Apple or Google, so you can invest and more or less forget about them while they grow.

Treat Yourself

Finally, don’t forget to treat yourself. There are few things as depressing as saving money only to never be able to use it. Reward yourself with a spa day here and there, buy new smartphones for you and your family, or even drive that brand-new car you’ve drooled over off the lot. Don’t forget about vacations either. They aren’t just for retirees! Keep your eye out for great vacation package deals, and explore the world a little.

The amount of effort you put into saving will be reflected in the rewards you earn later. Sure, it’s not always fun to budget your money or pass up something you think you can’t live without. But if you spend wisely, treat yourself occasionally, and keep looking forward, saving can almost be fun.