O.K. fellow divas. This is where you really need to use some self discipline to avoid the temptation of overspending on petty material things only. If you're working or just got hired, I suggest you save at least two weeks worth of your earnings. Don't not spend those earnings on anything yet, just save them for the second month. The main idea is that you will use these earnings to split the money multiple ways into individual funds, so you'll know where the money goes and which fund would you the money for.
Let's say for example, you make $250 a week after taxes. That's $500 total for two weeks. You have 10 funds you want to put your money in, so let's divide $500 by 10. We come up with the answer $50 for each fund per month. Now let's multiply that $50 by 6 months. You will raise a total of $300 per fund after six months of stashing your hard earned money. And during that you have some to pay some bills, rent, food, and commute to work or school.
First, collect at least 10 to 15 empty containers (I suggest you use empty Pringles containers, but any containers will do) to store some of your funds and label them at the bottom so you you will know which fund is which. Then pick a spot that nobody knows and goes to but you to hide your funds. Now, let's dig deep into what each individual fund is for.
Personal fund
Use this fund to pay bills such as rent, utilities, taxes, gasoline and car insurance, carfare for taxis, buses or trains, credit cards, anything that deals with neccesities only.
Petty cash
This is a little extra for neccesities like grocercies, lunch, over the counter medications, vitamins and herbal supplements, personal hygiene products such as soap, toothpaste, mouthwash, deordorant, feminine hygiene products, personal care products for hair care, skin care, and nail care.
Fun fund
Use this fund for fun activities, like amusement parks, entertainment, concerts, party boat rides, recreation centers, carnivals, festivals, theater plays such as Broadway plays, night clubs, movies, etc.
Miscellaneous fund
This fund can be used for whatever you want to buy. This will be your spending money officially. Rule of thumb: spend this money wisely.
Investment fund
This fund you can only use for stock investing or real estate investing
Emergency fund
For emergencies only. Don't use it for anything petty.
Checking
Continue adding money to this fund until your ready to open a bank account. If you already got a checking account with a bank, you can add money and save it for at least three months until you have enough to pay for anything by check.
Savings
This one you cannot touch. It will just make the fund grow into a comfortable nest egg as long as you keep adding money to it.
Retirement fund
This is something you cannot touch until you reach age 65. Keep adding money to it.
Education fund
Use this fund to help set up a college fund. Suppose you want to continue your education after college or just want to take a few classes to learn new skills, this fund will be useful.
Vacation fund
Use this fund only if you're planning vacations, book hotels or motels, car or van rental services, traveler's checks, resort services such as dining, entertainment, recreation, spa, health and fitness, etc.
Shopping fund
(Shopaholics would like this one). Use this fund for shopping only. You can use to purchase discount store cards and gift cards such Walmart, Besy Buy, Target, Macy's to name a few. You can also use this fund for holiday shopping or buying some gifts for your loved one's birthdays or any occassions.
Charity fund
Use this fund only to donate to your favorite charitable organizations
I would advised that you try to save two weeks worth of your income every month. Start with a total of six months. By then you have enough money to use as disposal income and still have enough to pay your bills. If successful, you may continue on. This is a good learning experience for young divas under age 18.
Try this exercise and you still have some money left over in no time and you will not fall into financial debt.
Remember, you don't have to be rich and famous to be a diva, being yourself is what a diva is all about. Blessings!
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