How to Budget

Posted on 21 April 2015 by admin

Art & Life editor Dalila Kahvedzic gives advice on how to save money and use it wisely

 

By: DALILA KAHVEDZICdalila mugshot new
Art & Life Editor

 

Budgeting can be difficult for the typical college student. Besides paying for classes, life tends to get in the way. Gas, unexpected car troubles, bills and trying to survive off of eating ramen noodles and mac and cheese makes it challenging.

1. Pick fixed costs.

These include bills and expenses that do not usually fluctuate much from month to month such as rent and car payments. Some bills and subscriptions can either be reduced or cancelled all together. For example, Netflix. Paying $8 a month adds up. That makes it $96 a year. A lot can be done with $96. Calling internet and cable providers for new deals can help save a few bucks as well.

2. Emergecy Fund.

Something every person should have. It is never an easy situation when the car battery dies and you have to spend a ridiculous amount of money (that you do not have) on a new one because you cannot get where you need to be on a daily basis without a car.

3. Have a set spending cost.

One week’s paycheck may be bigger than the next week’s paycheck but weekly spending should stay consistant. Say you set aside $30 for eating out each week. Receiving a bigger paycheck may cause one to spend more on eating out. Do not fall for that trap. Save it.

4. Use cash, not card.

Card swiping is a bad habit to get into that we are all guilty of. Having cash and spending it gives a person a better idea of where their money is going and how fast it is disappearing because you can physically see it gone from your wallet.

5. Set a goal.

Buy and own a car that your parents have nothing to do with by the age of 23. Solid. Work towards that goal every day. Remember this goal every day. Set passwords and passcodes to it, anything to remember.

Budgeting is easy once it is started. You would be surprised at how much money can be saved weekly by not going on those $5 coffee runs every other day.

 

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