In career life

How to regain financial control

money, college, college budget, budget, credit, debt,
Part of me feels like I have no authority talking about this type of thing because I'm terrible about my money. Most of the times I see pretty things and I want them that very instant, especially clothes, and food.

But I've started to realize being an adult requires a certain amount of fiscal responsibility. And I'm ok with acquiring just enough to not become cocooned in crippling debt. 

I've sort of been feeling out of control when it comes to my money recently, and it's not a very good state of being. Here are some steps to feeling a little better about your monety.

1. Stop spending - Yes I know it hurts, but if you're dipping to under $50 between paychecks it's time to look at things honestly. You're probably spending too much. A lot of articles will tell you to print out your statements and organized everything you've spend into categories. However, you should already have a general feeling about what you spend your money on. My weakness is clothes from my job at LOFT. By limiting myself to one item per month instead of shopping whenever there's a good deal, I'm able to put my hard earned money towards something more important, like bills or whatever.

2. Save a little - I use to be so good about savings when I was in high school. I'd put 50 percent of every paycheck into the account my mom and I shared. By the time I was a senior I had almost $1,000 tucked away. Fifty percent is a little hard to do now that I have rent and groceries to buy. I try to save at least $50 from each paycheck. Start out saving more aggressively until you have enough to make you feel comfortable, whether that's

3. Finally make a budget and stick to it - Making a budget isn't that hard, sticking to it really is. I've played around with the envelope system before, but I definitely prefer to use my card when I go out.  I made a Pinterest board with tons of college budgeting tips, you can follow it below.


4. Avoid debt, not credit - My parents taught me that credit cards were bad news, but when I moved out and tried getting internet set up they wanted to charge me a LOT more because I didn't have credit. Credit cards can get a little scary when you hear all the horror stories, but I went to a credit union and sat down with a personal banker who explained what credit is, why it's important and how to build good credit. She set me up with a college credit card, where I give them about $300, and in return I get a credit card with a $300 limit. If I can't make my payments they use the initial money I paid them. When I close the card I get my $300 back. I've been building credit the last three months without building up tons of debt.

Related Articles

0 comments:

Post a Comment