a-pinch-of-sugar-please:How to Save Money - The Sugar Baby EditionAfter I shared my story on how I s
a-pinch-of-sugar-please:How to Save Money - The Sugar Baby EditionAfter I shared my story on how I successfully saved up $20,000, I received a lot of questions on how I did it. So I thought it would be helpful to list tips that have worked well for me. I hope this is potentially helpful for you guys as well. Remember at the end of the day, even with all your sugaring perks - It’s important to save as much as you can because being a sugar baby may not last forever.Pay off all your debt and loans first.Before you can even think about setting aside money for a rainy day, you should focus on paying off any debt or loans you owe first. You want to get this out of the way in order to avoid accruing interest rates. With credit card debt, student loans, and other expenses, you could owe hundreds or thousands of dollars over time in interest. The sooner you pay off your debts, the less interest you’ll pay and that money can then be saved instead. So if you have any debt, make that your #1 sugaring goal to achieve. If you’re a college sugar baby, apply to scholarships to ease those student loans.Fortunately, I have not paid a single penny for my undergraduate education. This is all thanks to the eight scholarships I won during my senior year of high school. I even won one scholarship where the foundation sent me a $4,000 check in my name so I was able to just put that directly in my bank account. If you’re smart, creative, athletic, or talented in any way, you could possibly win a scholarship! If you’re a talented writer (which from the blogs that I follow, many of you are), there are plenty of essay scholarships out there. Heck, there’s even a scholarship out there for owning a blog! So give it a try :) I also listed more tips in this post I made: How to Win College Scholarships.Start with a savings amount goal.Once you’ve paid off your debt (or as much as you can), you can start focusing on your savings. The best thing that works for me is having a goal. Set an amount that you want to reach while sugaring. I started with a $5k savings goal. Then early this year, my goal was $15k in my savings. After I reached that, I worked towards my $20k goal. Use these goals as your motivation. It’s like the finish line that you’re crossing once you reach that savings goal. You need a sense of motivation and achievement to make yourself want to keep saving :)Set up a separate bank account that you don’t use.^This is the BEST tip I can give you. What has worked best for me was opening a bank account that I force myself not to touch. The only thing I can do is deposit checks into that account. I was given a debit card with the account but I’ve stored that away so I never use it. If you make yourself get used to the idea that you’re not allowed to easily spend money from that account, it helps lock in and protect your savings over time. It also with the spending temptations.Open an interest-bearing bank account.You should earn interest and some extra free money while saving. I shared how to do that in this post here: High Interest Savings Account. List your spendings and keep track of it daily.Check your credit card transactions and list how much cash you spend each day. Don’t wait until the end of the month to check how much you’ve spent. If you keep track of it daily, you’d be more mindful on how much you spend.After you’ve listed your expenses, cut back on your spending.Self explanatory. Cut back on whatever you deem unnecessary. Maybe it’s how much online shopping you do, how much money you spend eating out, or how much you spend on entertainment.Only carry a limited amount of cash on you at once.I don’t like carry a bunch of cash on me because then it makes it hard for me to keep track of what I spend. So every time I go out, I only carry $100 in cash on me. That limits how much cash I might wastefully spend in a single day.Never buy designer brands with your own money.Why spend thousands of dollars on a pair of shoes or a handbag if you don’t have to? Hint what that you want those things and nicely ask your sugar daddy for them. Don’t go into credit card debt because you spent thousands of dollars on a single item. Trust me, you’ll regret it later. While if you get it as a gift from sugaring, it’s completely guilt-free and you’ll be debt-free :) Same thing goes for electronics (laptops, ipads, cell phones, etc). When spending your own money, buy things on sale.If you’re buying something you truly don’t need (like more clothes or more shoes), be a savvy shopper! Look out for good deals. Use coupons. Sign up for freebies. I don’t care if I’m a sugar baby and have $20k saved up, I’ll still look for good deals if I possibly can :)Get consistent bills or expenses paid by your sugar daddy.If you have a monthly phone bill or rent you need to pay for, you can ask your sugar daddy to cover it. Right now I don’t have any bills that I have to pay for, but I’ve developed this monthly expense for CEO where he covers my spa trips every month. I asked him once during the beginning of our arrangement to help cover the costs and now he willing covers it for me. So I can get my waxing and massages for free every month. You can do the same with your bills.If you NEED something, have your sugar daddies cover the costs.The easiest way to get something from your sugar daddy is making it clear that it is critical that you pay for whatever it is. Like if you have health care fees you have to pay for. An example of what I always ask for every semester is to have my $600+ textbooks paid for. My sugar daddies understand how important it is that I have those so they have no problem ordering new textbooks for me.If you want to travel the world, do it while sugaring.Traveling can cost thousands of dollars. Let your sugar daddies know if you’re interested in traveling because chances are they’ll make those accommodations. Thanks to sugaring, I’ve been able to travel to New York, California, Florida, Delaware, Puerto Rico, and the Bahamas. And I even have trips to Paris and New Zealand lined up for the future. By traveling with my sugar daddies, I’ve been able to save over $30,000 on plane tickets, food, travel expenses, hotels, drinks, and gifts. For more tips on sugar travels, you can read this post here: Traveling with your Sugar Daddy.Have another source of income.Even though I’m sugaring, I still make a little bit of money on the side through my part time receptionist and online marketing jobs. You never know how long sugaring will last for you so it’s always helpful to have money flowing through another source. Be patient and don’t give up.The hardest part about reaching your savings goal is being able to save over a long period of time. There’s no way you’ll be able to save $20k in a single day, week, or month. It took me months to finally reach that goal. It takes a lot of time and patience. But trust me, the pay off and the feeling of satisfaction in the end is all worth it :)I hope this post has been helpful. If you have any further questions on saving that I have covered, feel free to send me an ask. I’m always willing to help :) Good luck saving everyone! -- source link
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