We all know how tempting it is to spend all the money we get on payday, but there’s got to be a better way! Are you a victim of online retail addiction and has your bank account seriously suffered from your splurges? Well it’s time for that all to change and with a few simple guidelines you can be on your way to saving and making valuable, smart, and inexpensive choices when it comes to your purchases. First things first, get that money!
Once you have your paycheck, make a budget immediately. You should always save a small percentage (10%-15%) of your paycheck and put it towards savings for the future. Besides, there’s nothing better than watching your savings account grow! Once you have the money set aside that you’ll be putting in your savings account, divide the remaining money into a couple categories. If you’re responsible for paying rent, divide your monthly bill into 3rds or 4ths and subtract that amount from your paycheck. The same goes for water, electric, and any other bills you may have.
When setting a budget for groceries, the easiest way to stay within your budget is to withdraw the exact cash amount you’ll need be it $20 or $40 for a week or more at a time. This way, you can’t splurge! Always make a list of what you’ll need using the ads from your local grocery store (most stores post their weekly ads and sales online). Using the ads will allow you to browse for coupons on items that are already on sale at the grocery store, just be careful and read the fine print on all deals. The best way stay on a budget in college is to eat as much free food as possible. If you have access to a dining hall, don’t forget your Tupperware, snack bags, and water bottles because if you can get that stuff into the facility, you won’t have to worry about snacks for the week!
Lastly, don’t forget to reward yourself once and awhile. It’s easy to pass up a night at the bar or a day trip to the mall when you’re stressed about money but who said you can’t enjoy a nice cup of fro-yo once and awhile? After all those calculations where your money is going, you definitely deserve it! Keep these tips in mind and making a weekly budget will become a routine that will pay off in the best way!