I was asked to give some tips on how I budget my money. I am not a professional at this and it may not work for you but I can give you some insight on what I do. In one of my post I said that I am never broke (for a college student) and I save my money a lot. I am no millionaire but I don’t really live paycheck to paycheck either anymore. I do a few things to help myself out and here is a list of those things.
1. I cut my check in halves: I cut my check more than half LOL. When I get paid every two weeks, I cut it in half depending on what I make. So lets say I make $500 in two weeks. I take only $250. Then out of that $250 I cut again and get $125 and then another cut and I get $62.50 to spend for two weeks. Now I know that may seem strange or even stupid but $62.50 is a lot of spending money. Which if you can try, don’t spend it all. (spending money don’t include bills.) I know a few people are like that is impossible but pay attention to what you spend your money on and see if it works. Most of peoples money goes on fast food. So yes cutting your checks in half, maybe not to my extreme, can help. You may only want to cut once. I wait tables on Tuesday and Thursday nights now, so I don’t really spend off my check. So now I can save even more. YAY (I love waiting tables because now I can put money towards my savings.)
2. Groceries: I know so many people who eat out daily. Please! I buy groceries. I go once a month and stock up. Then sporadically throughout the month for small things. I am gonna start back taking my lunches. While all my co-workers would eat out I would sometimes bring something with me. They made fun of me but when the rent was due I was good and they were crying, so who had more sense? UMMM me! I use coupons a lot also. LOL Chile I am a coupon clipping type of girl. I got some coupons for a free burrito from Taco Bell. You may be laughing at me but I save money. Oh yeah if you like Burger King, they have a survey you can take and get a free burger with the purchase of a fry and drink. LOL see I do whatever to keep my money. Oh yeah go on your favorite food brand websites before shopping they have coupons!! #justsayin
3.SAVE: Just save any money you have or get. Whether it’s change or whatever put it to the side. I held on to my birthday money all the way up till now. I still have it and my birthday was in October. If I want something big, I save up for it. I am saving now for a PS3. Yes, I could just buy it but I prefer to make sure I can afford to do it without hurting myself financially in the long run. Get a savings account and make deposits so it can build up. Try to forget that you are putting away so you won’t go back and take out.
4. Cut expenses: I don’t have nothing I don’t need. My apartments are utilities included and yes trust me our rent is enough to cover everything. LOL too much!! But if I don’t need it, I don’t get it. I don’t overdo on my shopping. (I hate shopping so this is easy.) I buy clothes when they go on sell. LOL I rarely pay full price. I love shoes. But I still don’t overdo it. So make a budget for your extra expenses. All we need is a roof, lights, water and the basics. If you can’t afford cable then you don’t need it. (I just know cable is the one thing people feel they have to have.)
These are things I do and will get even better at in the coming year. Me being in school still, makes me really watch how I spend. I try my best to only get what I need and not do too much. I work with what I have. I make a good amount of money for a college student and I plan on keeping myself out of debt by spending wisely. None of this may work for you. Shoot you may call me crazy but this works for me. I am not sure if these are tips to anyone but since I was asked on what I do, I thought I would let you know.