Money Managing

I thought it would be fitting to share with you guys a bit about how I manage my money on the very day I switch bank accounts! For years, I’ve had a Custodial Savings Account at S&T Bank. It suited my needs when I was younger (a safe place to store all that birthday money!), but as I get older, I want to interact more with my paychecks. S&T doesn’t allow people under 18 to have their own account. This means my mom has to be with me if I want to make deposits or withdrawals. It’s truly a drag depositing my pay checks, so I always hoard them, probably losing a few throughout the months. I never really know how much money is in my account either. I’d say it’s time for a Big Girl Bank Account!

I’m switching over to my own account at PNC. It’ll allow me to split up my paycheck into short term and long term savings. This is really appealing to me, as last year in Honors PreCalculus we used various formulas to determine how much money we could make saving for retirement at a young age. Yeah, yeah, I know I’m only 17 and retirement is a ways away, but think of all the interest just $10 a pay check will collect in 50 years! We did the math, and it’s absolutely insane. Imagine relaxing on a beach, your white hair in the breeze all because you began saving when you started your first job. With college just around the corner, I’m trying to form strong money managing habits. This new bank account is just one way to help.

Many of you know I work at an amazing restaurant. As of right now, I make minimum wage ($7.25) when I food run, but unfortunately I’m not a waitress so I’m not tipped. I am, however, tipped out 1% of sales from the waitresses. Typically, this amounts to $40-60 a night. Not too shabby if you ask me! My paychecks go straight in the bank to save for college. The money I’ve saved in the bank has never been touched, as I don’t have a debit card. This really helps me save for my future! It’s so much harder handing over cash than it is swiping a card. That being said, my tip outs from a weekend are split between spending money and short term saving money.

In a weekend, I’ll usually make about $100 in cash tip outs. I like to have about $40 on me at any time, so I’ll replenish my wallet and put the rest in an envelope to save for a bigger purchase I’ll want to make down the road. Having a limited amount of cash, and no debit card, makes me really think about my purchases. When deciding on a drink at restaurants, I question the price of soda, and decide on a water. When I buy clothes, I mentally review my closet and see if they’re a necessity. I easily survive on $40 a week, as I’m a student without a car or any other living expenses. Obviously, this number may not work for you, but find out what it is, and really try to stick to it!

This method has worked really well for me to save short term. Before a big trip (either to the mall or on vacation), I allow myself to take out no more than $100 from my short term saving envelope. Whatever I don’t spend always goes back. The following weeks, I try to put a bit more of my tip outs into the envelope to account for what I took out. Over the past 5 months, I’ve saved over $1400 in the envelope. I’m truly proud of this, because never have a felt deprived or like I missed out.

I love that my job allows me to easily allocate money. Putting the entirety of my paychecks into the bank to never be touched, yet still having plenty of saving money feels great. My tip outs allow me to enjoy time with friends, and save for a car/laptop (I haven’t decided). I think at a young age it’s so pivotal to learn to be disciplined with money. Had I never gotten this job, I’d probably be stuck babysitting and blowing the money they gave me each week. I hope I’ve inspired you to find a method of managing your money that works for you! Have any ideas about how I could better manage my money? Let me know below!

Stay Classy and Frugal,


2 thoughts on “Money Managing

  1. Maya! I’m blown away (again). The thought you must put in to these are astounding (and also fun to read)! Thank you for sharing.

    I thought it would be most appropriate to comment on this post in regard to money management, since we just texted about a potential new business opportunity for you. I’m so excited that you are open to hearing more about Arbonne International all it has to offer! It truly is a positive lifestyle brand and I think you will be a perfect fit for our dream team! See you tomorrow on our Zoom chat meeting! Xo Ami 🌿💄👄🍏❤️


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