Supercharge Your Savings: 8 Must-Follow Tips from CEO Andres Garzon

For some, money management might not be the most exciting topic, but trust me, establishing good financial habits early on can set you up for success both personally and professionally. Here are my insights on how software developers can make smart financial decisions.

I can't stress this enough—saving money is one of the most important things you can do for your financial future. No matter how much you earn, you can always save a portion of it. I remember when I was just starting my business. I was living with my parents and was making just $100 a month in profit– and still managed to save $20 of it. It took time, but that savings mindset eventually helped me achieve bigger financial goals. Aim to save at least 10-20% of your salary and set up a separate account for your savings.

It's easy to fall into the trap of overspending, especially when you're surrounded by tempting restaurants, subscriptions, and shiny cars. To curb this, set limits on how much you spend on non-essentials. When I was living in New York, I limited myself to eating out once a week and cooked at home the rest of the time. This not only saved me money but also promoted healthier eating habits.

I can't emphasize enough how important it is to track your expenses consistently. Whether you use a spreadsheet, AI-powered tools like Mint or True Bill, or even a simple notebook, tracking where your money is going helps you stay accountable. I recommend reviewing your expenses on a weekly basis to catch any trends or areas where you might be overspending.

Make saving a habit by automating it. Set up recurring transfers from your main account to your savings or investment accounts. This way, you're less likely to skip savings in favor of impulsive spending. Automating helps you maintain discipline even during busy times.

Don't fall into the trap of spending everything you earn, no matter how much you make. Living below your means is a powerful way to ensure you're always prepared for unexpected expenses and to keep building your savings.

Using both credit and debit cards simultaneously can be confusing and lead to overspending. To avoid this, choose one and stick with it. Personally, I prefer using credit cards for most transactions and paying off the balance in full every month. This helps build my credit score and earn rewards points, but it's crucial to be disciplined and never carry a balance.

While it's natural to want to support friends and family with their business ventures, be cautious about investing your hard-earned money. Only invest what you're willing to lose, and remember that personal relationships can become strained if things don't go as planned.

Having some cash readily available is important for emergencies. Keep a reasonable amount in your checking account, separate from your savings, to cover unexpected expenses without disrupting your long-term savings plans.

Developing healthy financial habits might not be the flashiest topic, but it's a crucial part of protecting your future. Remember, the tools you use are important, but the habits and discipline you cultivate matter even more. Start small, stick to your goals, and watch how these practices can lead to a brighter financial future for you as a software developer.