It’s not your salary that makes you rich, it’s your spending habits. – Charles A. Jaffe
To be honest, I had no intention of writing this post today. I planned writing another uni post (things I love about uni life) but after that, I decided that this could be much important than writing about things I love. I mean, it’s nice to share with you things I love, but it felt right to share this post today.
My family has never been that kind of rich families – that’s the fact. It’s NOT like that we lived under a bridge or had nothing to eat. NO! Nothing like that. But let’s just say that when I wanted that book from a bookshop, I had to earn some money to actually get it.
And in the moments like this, when you start earning on your own, you understand the real value of the money.
I know that it may sound like a big cliche or a little bit exaggeratedly but it’s true. And this also helped me to understand how important is to budget as a student (or anybody else).
Over time, I adopt a few ways how to handle my budget and spendings. It’s not so hard when you know how. Of course, your ways may be a little bit different (and that’s fine) but today, I would like to show you my ways. And please, don’t be shy and share your tricks and tips in comments. I think it’s a good way to help each other (and helping is cool, right?).
1. know my priorities
I touched this topic a little when I wrote about lessons I learned from my first semester. Let me tell you, that if you couldn’t handle your money in the past, being a university student will obviously teach you that.
The thing is to know what are your priorities. You know, if you want to eat next month, or you’ll rather buy that nice cozy sweater. I know that this is a quite extreme example but I hope (think) you understand.
2. I have my limits
Look, I love books okay. Actually, I can’t live without them. But when you start being independent and find a job and earn some money, all on your own, you have to know where are your limits.
On my account, I have a set limit of money I won’t (don’t want to) cross.
So yeah, I would like to buy a new book, but if I know that it could “endanger” my limits, well I don’t buy it. I rather wait until I have enough money.
Looks weird but it works!
3. 50/50 rule
Unfortunately, this point is mainly for those, who live with the better half or friend.
My boyfriend and I have something like a deal. When we need to buy some food, we always change. One week I pay and another week pays my boyfriend. It’s simple.
However, we think about creating some sort of common budget where we’ll give the same amount of money because we think it’s fairer.
So I encourage you, don’t hesitate to offer this to your better half or your friend. You know what they say: two are better than one.
4. check the account
At the first glance, it might look quite strange and greedy but it’s not. Sometimes it can happen that you purchase more than one thing and it could be a little bit overwhelmed.
So, from time to time, it’s good to check your spendings and maybe track them for a better overview. That doesn’t mean you have to spend 24 hours by checking your accounts. But once a week is not bad.
Do you have any tips or tricks how to budget effectively?