Halloween hits everyone’s pockets hard – I mean, who doesn’t want to have the best party costume? When all of our nonexistent salaries go to wigs, makeup and more, how do we make a rebound in time for Black Friday? Whatever your source of income, there is a hope for saving while also balancing bills and gasoline. Keep in mind that this is assuming you have an average income of $100/week.
1. Create a budget. Know how much you spend every month on rent, gas and bills. These are the things that are not optional. Allow yourself a maximum spending budget for clothes shopping and anything “extra” like dinner with friends and your morning Starbucks. Don’t make this any more than roughly $15-$20/week in order to allow yourself more to save.
2. Open a savings account. Everyone needs a savings account right next to their checking. Talk to your parents or your bank about opening an account for putting back that spare $10 every now and then. Over time, this will really add up! Think about it – if you put back $5 every day, that’s $35/week. That translates to $140 in one month just by putting back the money you would have spent on a cup of coffee at Starbucks. Want to know how much money you could save in a solid year by putting back $5 every single day? A massive $1,680!
3. Use the “checkbook” app. Keep track of your income and expenditures with the checkbook app right on your iPhone. Always take receipts in order to remember to record your money spent – want a pro tip? Put in your values as soon as you get your total, leaving less room for you to forget to do it! You can also keep track of how much money is in your checking account and savings account this way without having to check the bank – but make sure to balance your checkbook regularly.
4. Just say “no”. If you have hit your budget for the week, resist the temptation to buy the collection of items on sale at Fayettechill. Know that mistakes happen as well as surprises – never beat yourself up for going over a little, so long as it was an accident. Otherwise, just look the other way and go cuddle your sweaters that you already have!