Are you getting paid but you feel like once you get paid all your money is gone? Are you having a hard time balancing responsibilities and fun?
Yup you guessed it, I have something that could help you.
You might have seen your parents maintain one of these handy tools in your lifetime, but as young adults it’s never to late to know where and how you’re spending you money. Its important that you spend money on items you NEED vs. things you WANT. Now I’m not saying that you only need to spend money on the expenses that you are required to pay for, of course I want you to have fun and enjoy yourself, but the most important part is that you’re making sure everything that needs to be paid has been paid first before you have fun with your money and then leave some to the side so you can save.
Here are some tips on starting your budget:
- Start in the Fall.
-You’ve saved your summer money, most times you’ve received your refund, and if you’re working you can incorporate your current paychecks as well.
- Identify all sources of income.
– Savings, Scholarships, money from parents, work etc. That’s your income.
- Make a list of fixed costs. Fixed costs are expenses that do not change as a function of the activity of a business, within the relevant period these include:
– Tuition, phone, utilities, rent, food etc.
- Estimate your regularly discretionary expenses. These are expenses are things you buy that you really could live without.
– Entertainment, fast food, clothes, trips home etc.
- Add in emergency expenses.
– Car repairs, computer problems, etc.
Then do the math.
Are your expenses higher than your income? If so cut some corners so you allow yourself to save money for other things you need or want to do.
Okay so you’ve made your budget now you have to stick to it.
Here’s a tip for you:
After you’ve done your preliminary budget list write down your expenses the nest couple weeks and compare it to the budget you made.
- Did you spend to much or did you save money?
– If you found yourself saving that’s great! You’re well on your way to sticking to your budget and maintaining your money.
– If you spent more than you expected sit down and look at where you spent it and what you spent it on. Decide if that was a logical purchase with the amount of money you allotted yourself and if not see how you could do things differently or if possible take it back. Don’t get discouraged. It will take more than one time to get your budget the way you want it to be.
In conclusion I help this blog helped you all in many ways! If you have any questions or would like to start a budget of your own come visit us in Carrington 419 we would be happy to help you!