You Don't Have to Be a Banker to Make Good Investments

If you still ask your dad how to file your taxes and googled "what is an IRA?", you might need a little finance guidance. This week Mix U presents Personal Finance Week, focusing on all things personal finance, budgeting, and investing. Trying to budget in college or save up for retirement? You don't have to be an investment banker to save and make money. With sponsors Ant Money, ATM, Blast, and Learn & Earn, Mix U is giving expert insights for all your money questions. Here are easy personal finance tips you need to know.

Use An App  

Using an app is an easy and convenient way to track your finances. If you have no idea where to start, try Acorns. This app is best for people with minimal knowledge of personal finance. Acorns is a one stop shop for investing, saving, and earning. For only $3 a month, an expert banker will build your portfolio and expand your money goals. For easy growth you don't have to make a huge effort; the app also invests your "spare change" from everyday purchases (like your $6.25 latte). You can learn a lot from using the app or just sit back and let the experts handle it. 

Photo: @acorns

Set Up Automatic Payments

The best day of the week is pay day! Instead of spending all your money in one place, save it. If you have a goal number or something you're saving up for -like a car, apartment, or Chanel bag- you need to have a savings account. When you get a direct deposit, put a portion of the paycheck into savings. You're not going to wake up with $10,000 in it, but over time you'll see it start to add up. You don't have to put the whole check in, but at least 10%. If you use mobile banking, there's a way to set up automatic payments so you don't even have to think about it. Keep saving and you'll have that large flap bag in no time. 

POV: You chilling while your autopay does all the work

Be Your Own Barista

Another easy way to save money is by making your coffee at home. If you're trying to budget, sacrifice the $6 iced coffee that always makes you late to work anyway. Think about it- a medium iced vanilla latte with almond milk 5 times a week is $30. In a month you're spending $120 on coffee. That could be a pair of shoes or birthday presents for your kids. Get some travel tumblers and recreate your favorite overpriced drink. Starbucks makes their own bottled iced coffee, so you can add in your special milks or fun flavored creamers. If you really want to upgrade your coffee bar, invest in a Nespresso machine. They'll last a lifetime and are way better than the drive-thru. 

Make a Capsule Wardrobe

Your clothes don't have to be expensive to look good. Creating a capsule wardrobe of interchangeable basics is a great way to save money. Stick to a color palette of pieces so you can mix and match. Collect a few good investment pieces to go along with some lower priced basics. Stock up on white tanks and tees under $40 that can go with every outfit. For looks you want to dress up or down, a button down shirt is essential. Swap your workout leggings for black leather ones; they're a good investment and can be worn with a graphic tee or simple sweater. Sleek bodysuits, straight jeans, cozy neutral sweatshirts, white sneakers, and dainty jewelry are pieces you need in your wardrobe. They're items you'll reach for everyday for every occasion.

Buy Investment Pieces

The next time you pull out your credit card to online shop, think about all of the clothes with tags hanging in your closet. Stop buying one-time wear pieces that are just trending at the moment or you got for super cheap. While investment pieces can be pricier, they are worth every penny. A good investment piece is something you'll wear 100 times for 100 years. You feel good and look good in it. The best investment pieces everyone needs are good jeans, a stunning bag, timeless jewelry, and a quality coat. If you find jeans that fit perfectly, get them in every wash and style. The price per wear is worth it because you'll never want to take them off. Buying a designer bag can be a huge purchase, but if you work hard you deserve to treat yourself. A nice bag can make your entire outfit and last a lifetime if you take care of it. Luxury bags are also good investments because they appreciate in value over time, so if you had to sell it down the line it'll be worth more. Some things like a good coat and classic gold hoops are worth the money. Investing in your closet is investing in yourself.