Growing up, I knew my family’s financial situation wasn’t the best but we’ve been doing pretty good since then. I also understood that once I got to college, money was going to be my biggest concern (because honestly, a $15 field trip fee in middle school vs. a big ole’ college tuition bill = vastly different price tags). Having managed my own finances the past few years, I like to think I have this whole “budgeting” thing secured. Below is a breakdown that I wanted to make transparent on how I manage and categorize my current finances:
Academics/Career: I work several part-time jobs (testing administrator, hospitality consultant, seasonal cashier) where I earn roughly $1,500-$2,000 per month. I am also a part-time senior student (under 12 credits) while studying to take the GRE in April. One of the benefits that has helped me is that I’m a scholarship student — essentially my aid covers up 60% to 75% of my tuition and materials, but anything leftover is covered by me.
Housing/Transportation: I am very fortunate to live at home with my family which helps me save on rent, but in return I contribute about 25% when it comes to household utilities and groceries. To note, Newport News is more of a car than walking-friendly kind of city, so with that in mind, I bought a Honda CR-V back in 2021 (tip: Honda, Nissan, and Toyota are best for 1st time car owners, in terms of safety, repair costs, and reliability) and cover all vehicular expenses (monthly loan payment, gas, and insurance).
Personal Expenses: Things like medical insurance (thank you Medicaid), clothes, makeup, and my Spotify student account (which includes Hulu) are just some of a few personal things I generally spend money on.
Things I Don’t Pay For: Rent, dental insurance, the other 75% of the utility/grocery bills.
Week 1 — $127
This was my best week in terms of spending money. The groceries came up to just $35 for some filler items (this covered eggs, milk, bread, yogurt, coffee creamer, some fruits and veggies, and some fancy cheese on sale for myself). My mom and aunt really liked a new sunscreen I was using, so I spent about $40 to buy us all some. The week went on pretty well, until I remembered that I still needed to buy a book for class and had to drop $20 at the end of the week. I also had a lot of errands this week and had to refill my car, and thankfully with a Costco membership that my mom lets me in on, gas came up to just $32.
Week 2 — $147
This week was a bit more heavy in terms of personal spending, but all so very necessary.
I tend to wear contact lenses more often than glasses, and spent $62 on my usual 6-month supply (that $2 shipping always gets me). I have a membership at Busch Gardens Williamsburg, as my best friend and I love roller coasters and go to BGW monthly for fun and to catch up on life, which ended up costing about $17. I had a long week and wanted to treat myself this week so I ordered some takeout (from Aago for $28) and decided to dye my hair again out of boredom ($40 for toner, bleach, and dye — not including the dye, the rest would last me several months).
Week 3 — $259
We had family coming over for the weekend, so Tuesday meant a more major grocery run, costing about $85 (for pork loin, salmon, tilapia, cabbage, corn, apples, and goldfish crackers for the cousins — and me). Later that week, I started a strength training membership at a local gym which came up to $50 (I know CNU has a gym as well, but I’m only on campus for 5 hours out of the week and the local gym was much closer to home). My friends and I were planning a weekend trip in North Carolina, so this was a perfect time to buy the overnight travel bag ($30) I’d had my eye on for awhile now. Some other personal expenses for the week included some household supplies ($29), toiletries ($12), and a new sweater ($20). And then to end of the week with another gas refill for $33.
Week 4 — $731
The more necessary items are paid around the end of the month ($140 for the utilities; $472 for the monthly car loan; and $5 for my Spotify + Hulu account). My sister made a surprise home visit for the weekend, so I treated ourselves to poke bowls and wings ($47, including tip). Over the weekend, I bought supplies for a Tony Tony Chopper cosplay ($54), and after much insistence from my mom, I also bought myself a portable water flosser (for $13, though the price may have gone up since — dental health ya’ll, it’s very important!).
Takeaway + Tips
My monthly total came up to … roughly $1,264 (65% household expenses; 35% personal expenses). While I’m not surprised by this total as my income can cover this, I’ll admit I spent more than intended on personal expenses, as I normally aim to spend only a maximum of $200 a month, if needed. In that aspect, I shirk all responsibility and place all blame on the fact that February was a rough month (plus my sister came to visit one week, more family visited another week, midterms were this month, etc).
My tips for anyone who is struggling or wondering where to begin:
Where to start?
- My solution that started it all was …. to simply not set a budget and just take note of all expenses for 2 to 3 months (at this time, I didn’t have a car, tuition had been paid off, I was living in the dorms, and was only working part-time — so while the income was much smaller, this baseline helped me start somewhere). After this time period, I’d calculate everything I spent and place them into categories based on priority: 1) utilities, grocery, rent; 2) savings; 3) myself; 4) clothing, shoes, skincare, makeup; and lastly, 5) entertainment, shopping, takeout
- Based on their priority status was how I would divide my income. Utilities, rent, and groceries were the first to have money set aside (based on the average of my 3-month spending tracker), followed by a small percentage to go towards my savings account in case of emergency (this amount is up to you if you can afford to spare it. This is not a necessary step!), then a small amount put towards myself (think of this like an allowance, because let’s face it, some days are just harder than others and I’d rather allow myself an hour or two of serotonin for a $3 donut than misery), and so on down the line.
Be Resourceful
- Many businesses have mobile apps and online weekly ads that are easy to check and see what’s on sale. My go-tos are LIDL, Kroger, and Costco for groceries, Amazon and TJ Maxx for clothing, toiletries/skincare/makeup, or household appliances, and my sister and I share a food delivery account where we split the membership fee. Other aspects such as thrifting, yard sales, and checking clearance aisles are another way to be budget friendly on your wallet.
- Tip 1: Look for alternatives. Target advertises their RedCard which many assume is available only as a credit card. Not true! Target also allows customers to link their debit card to their RedCard account and enjoy the same benefits as their credit card members.
- Tip 2: Generic vs Name Brands. For many grocery brands, it’s more affordable to buy the generic brand items than name brands (Target has several affordable generic brands of their own such as Up & Up or Good & Gather, Costco = Kirkland Signature, and Whole Foods’s = 365 to name a few)
- Tip 3: Mobile Apps. By downloading the Whole Foods app and logging onto your Amazon account (if you have one), you can now scan an app generated QR Code to gain access to discounts specifically for Amazon Prime members. Even Target allows you to access deals and even pay using the mobile app
- Tip 4: Utilize that Student AND Birthday Discount! Many businesses have special deals that range from BOGO deals to instant freebies if you’re a local college student (bring your student ID) or if you’re going to be having an upcoming birthday!
- Use this time to develop some new skills! I taught myself how to hand sew and use a sewing machine to give old clothes and household materials a new purpose (socks could become reusable floor rags for my Swiffer, hand sewing patches on clothing that get holes or rips, and even repurposing flat sheets into fitted sheets or pillowcases). I learned to cook, utilize food scraps (for vegetable stock or curry), and my family even grows our own fruits (kumquats and figs) and vegetables (herbs, green onions, squash, spinach, chives, and lettuce).
- YouTube has plenty of ways to save money as a young adults and there are plenty of videos featuring college students in similar situations with their own twist on what to cook in your dorm room, becoming more financially responsible, learning to budget and more!