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Budgeting |
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Few people realize just who much they spend on the
non-essentials but of course simple pleasures of daily life.
If you are recordably challenged, we will introduce you to a
easier, more refreshing side of budgeting. Once you
begin to record your daily expenditures, you can have a better
perspective on when your money goes and how to be wise in your
spending. |
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Know your Expenses
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Before you embark on your bright future of
budgeting, it is important to know your basic
needs. What do you currently pay monthly
without fail that is absolutely essential?
Search through the following list:
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Housing Rent
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Car Expenses
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School Tuition
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Books (buy used to save money)
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Entertainment
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Laundry
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Food (average - keep record)
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Lab or Test fees
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Travel Expenses
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Charity Contributions
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Other
Now that you have put together a brief list of
essential expenses, tally them up
. Finally, figure out how much you income you
receive from work, parents, school
grants, and other means.
Deduct your total income with your basic needs to
find out how much you have for entertainments
costs, new clothes, that desperately
desired cappuccino, and other
purchases that arise.
Budgeting is simple. Pay the bills first,
then set aside money for the essentials.
Tip: Pay the bills with the highest
interest rate first!!!
Whatever is left over is for your
entertainment. Many students
stumble on this point. They start
with paying for all their social life
activities for 28 straight days, and at
the end of the month, they count the
pocket change they have left over in
their pockets, under sofa and car seats,
etc., finally bum'n off friends to pay
that electric bill or car insurance.
This does not have to happen to you.
The excitement and adrenaline rush of "liv'n
on the edge" wears off real quick.
And no one likes a mooch
for a friend. Responsible people
can still have a fun time but they know
how to budget.
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Recording Expenses
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How do you know what your expenses are going to
be? Write them down using our weekly.
From the above section, you should know what your
expenses are. When recording your expenses,
you will be surprised to learn how much money is
actually spent on junk.
If you have ever had to count your calories and
write down everything you eat during the day for a
health class, you, like me, have probably been
convicted and felt guilty as your peruse your list
of Jolly Ranchers, sweets, chips, and other items
you just snuck in. If you don't spend much
money or make a big deal out of the item, you will
inevitably forget about it. So it goes with
budgeting. Writing down every expense from
that 5 cent Jolly Rancher candy to $1.99
beverage
from 7-Eleven. It adds up.
Once you start writing down everything you buy,
you will find that you spend less in order to
avoid recording it... mainly because it gets
annoying.
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Planning for the Future
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Once you have begun to write down your expenses, and know
what your total essential expenses are, you can begin to
plan for future expenses. You will find that you
begin to save money and have some extra for other
unnecessary or unessential expenses. Here is a quick
list of expenses that you will find that you want to save
for:
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Holidays
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Christmas
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Thanksgiving
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Easter
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New Years
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Other
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Birthdays
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How many people
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How much per person
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School Vacations
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Summer Road Trip
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Spring Break
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Christmas Ski Trip
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Spontaneous Adventures
If you plan for the future, then you will have fun during
holidays and vacations. However, if you wait until the
last minute to save up, you will find much unneeded
anxiety. Try to be smart!
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Repairing Bad Credit
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With the never ending expenses encountered at school and in life
general, it seems more and more people are going bankrupt
and have a credit report resembling swiss cheese. To
your advantage, there are many people who will give you a
credit card or establish a credit rating for you.
Check out the best online
credit cards
, or view the sites below:
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