budgeting - a guide for someone transitioning into adulthood.
1. Use a spreadsheet and mark in committed weekly expenses, food, transport, gym memberships etc. calculate how much you are DEFINITELY going to spend then add a $20-50 leeway over depending on different circumstances, eg. you’re going to breakfast with a friend.Â
2. You want to have a set amount you want to be putting away into savings each week, eg. for me I set aside $50-70 each week into savings and I take this into account as a fixed amount of at least $50 I’m not going to be able to spend from my pay checks.
3. From this amount see how many hours you have to work each week to be able to sustain and how many to be able to save more. Whatever I earn each week where I earn more money to what I’m spending I put into savings.
4. Treat savings as something you don’t touch. Savings are incredibly important, do. not. touch. your. savings. You want your savings to be able to generate interest, the more you save, the more monthly interest. Your savings are there to catch you if everything goes wrong.
5. Have seperate accounts for savings, spendings and then you can also have another savings if you are saving towards something in particular eg. currently I’m saving to buy a car, I’m not going to take this money out of my savings so each week I take another $50 out of my pay-check to save for a car.
6. When going out with friends, find fun activities to do that don’t involve spending money eg. I’ve gone on walks around the lake with friends, bike rides, picnics, library study dates. Just because you’re saving, doesn’t mean you have to cut out socialising.
7. Don’t work yourself to death, saving one step at a time is enough, you’re still young and you’ve got time to figure it out! Just save in areas that you can and know that every dollar you put away counts, even $20 into savings each week makes a difference. During term time I really save by cycling everywhere, cutting back where I can because I know I can’t work as much and then during the holidays I get as much work as I can, dividing how much I earn between saving accounts and spending for the upcoming term time.Â
prguitarman
ellievsbear
discoholicmusic
tangentwithtanner
blakekathryn
snowghoul
andulkaphoto
germansingergirl
titsay
vaporwave
