Anyone who knows me will you tell you that I’m probably the last one who should be handing out financial advice. I love to eat out all of the time with friends, order in Indian food or pizza with my boyfriend, go to the grocery store twice a week to get as much fresh, organic foods as I can, buy clothes and shoes I cannot afford, and the list goes on. But one thing has recently changed in my life. My parents and I had an agreement that once I received my degree, I was on my own when it came to money for bills, rent and living expenses. Basically, you could say I'm in "financial shock."
Here are a few things that have helped me so far in figuring out how to handle this huge change if you’re in the same boat as I am:
1. Write out your monthly budget.
Figure out what all of your extra expenses are and add them up with your rent, estimated bills and other living expenses. This will help you figure out how much you need to be setting aside every month to be able to cover these necessities.
2. Use coupons!
It might sound silly, but using coupons for different things at the grocery store, or even on the pizza you're having delivered, will save you a few bucks here and there that will eventually add up!
3. Cook more often.
Limit yourself on how many nights you’re going out. Trust me, I know it’s hard and it’s so easy to feel lazy and not want to put in the effort to cook, but it’s definitely worth it when you’ve finished your home cooked meal and saved yourself $20 to $30.
4. Look into Fuel Points.
I make sure that I do the majority of my grocery shopping at Kroger, because it contributes to my monthly fuel points. These are points that go onto my Kroger Plus card and with every 100 points you earn, you receive 10 cents off of every gallon at any fuel station that is partnered up with Kroger! You can usually find these fuel stations next to your local Kroger, but Shell stations also have this.
5. Write out what you’re spending your money on.
It’s so easy to just swipe your credit or debit card or hand over cash, and forget how much you’re actually spending, so write it all down. It will also help you figure out where to cut back on spending and give you a realistic look at where all of your money is going
6. Check your bank account often.
It isn’t always fun, but always check your bank account at least every two to three days. This way, you won’t have any financial surprises and might just save you from adding on those overdraft fees!
7. Turn off your lights.
Always remember to turn your lights and fans off when you leave your apartment or house. You might think this is obvious, but you’d be surprised at how many people leave lights on when they aren’t home or in rooms that they aren’t in. Open up your windows and blinds to let natural light in, that way you won’t even have to use some of your lights until it gets darker outside
8. Spend wisely.
Always ask yourself if you’re about to lay down some serious cash on something if you are in a situation to splurge! Sometimes, a new purse or concert tickets are definitely worth it, but just make sure you’ve got enough funds in the bank to keep you standing on your feet and covering those bills and rent.
9. Put money aside.
If you know you’ve got a big trip coming up, or know that you’ll be gone on vacation and will be missing work, make sure you set aside funds to make up for that. You might also want to cut back even more on the fun stuff, just to save up as much as you can.
10. Don't stress yourself out so much.
Always remember that money isn't everything, and there are always people around you who are watching over you. You've made it this far in life, so you're clearly smart and driven enough to take care of yourself, so trust in your skills and believe in yourself. You've got years ahead of you in this world, and everyone started out where we are now, so have faith that you will be OK!
Budgeting isn’t always the most fun, but it does pay off in the end and can definitely be rewarding over time. Be smart and do what’s best for you and your financial situation, and it will pay off in the long run!
