I’ve always had the typical college kid mindset. When money
is tight and bills are due, I can buckle down and eat ramen for every meal but
when I feel like I have a few dollars to spare, I immediately head out to spend
it. As part of my list of New Year’s resolutions this past winter, I promised
myself to be a better steward of the money I was making. 6 months later, not
much has changed. So, in preparation for my senior year at UK, I’ve made it my
summer goal to create and follow a budget. As I begin my journey to summer
savings, I’ve compiled a list of tips and ideas that I hope will guide me (and
you!) through what could be a tough
transition.
First, many budgeting gurus suggest that you begin by making
a list of your income and monthly expenses. The more detailed the list is, the
better you’ll be able to actually stick with your budget. For me, this part’s a
little tricky. As a server, there are times when my cash flow isn’t steady or I
end up not tracking the cash that I make. This leads to many weeks where I
can’t figure out where my money must have gone!
To battle this, many websites suggest buying a notebook to record
everything that goes in or out of your pocket. Luckily, I have a bank account
that tracks this kind of information for me that tells me where and when I
spend the most money. If you aren’t a pencil or paper kind of person, there’s
also an iPhone app called “Pennies” that essentially does the same thing.
Either way, you can’t save money without knowing how much you actually have and
how much you are spending.
Once you have this list and have been tracking it for a few
weeks, the next step is to start making sure the numbers add up. If you are
spending more than you’re making and have to scrape by every month, then you’ll
be able to see that and change things. One of the best websites I found when
trying to make my own budget was beingfrugal.net because it had TONS of
suggestions for practical ways to help save a few dollars.
Here are a few of my favorites:
- - Brew your own coffee
- - Cook at home instead of eating out
- - Only withdraw money from your bank to avoid ATM
fees
- - Buy in Bulk
- - Cook with Friends and assign each person to buy
one ingredient
- - Sign up for Groupon or Living Social to get
daily deals (but be careful how many you buy!)
- - Throw all spare change into a jar
Learning the differences between needs and wants is also
something that will help you save a few bucks. While I WANT to go out to dinner
with friends, I don’t absolutely need to. In the same way, I don’t always need
the new outfit, iPhone case, and new perfume that I desperately want. If I blow
all my money on these types of purchases, I won’t, and sometimes don’t, have
enough money for the necessities like rent, tuition, or bills. Having the
self-control to deny yourself isn’t fun, but it definitely will help you learn
how to save a lot faster.
Making a budget may
not the most glamorous thing in the world, but with the “real-world” starting
in just a few months, it’s something that I’m finding necessary. For more
information and to help you start your budget, I’ve included links to the sites
and resources I used. Happy Saving!
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