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Career > Money

Adulting 101: The Best Way to Budget

This article is written by a student writer from the Her Campus at Winthrop chapter.

We all know that the foundation of being a successful adult relies on one thing: being responsible with your money. I’m sure you have heard the stories of those who were irresponsible and spent all of their money at a young age, ultimately forcing their future selves to struggle financially. This is all something that everybody wants to avoid, and what better way to start securing your future than learning how to save your money and budget now?

Dividing Your Paychecks

Whether you get paid weekly, biweekly or monthly, dividing up the money you get in your paychecks is a great method to save your hard-earned money. There are three different categories that you should split each of your paychecks into: savings, spending, and emergency. It is important to have both a savings account and an emergency fund so that in the case of an emergency, you do not have to take money out of your savings, especially if you are in the market to buy/rent a new home or car.

In my opinion, the best way to divide your paycheck into each of these categories is: 40-50% goes into your savings, 30-40% is used for the money you have to spend (bills, groceries, an upcoming trip, etc.), and the rest is put into an emergency fund. This way, you already have a method for how you will be spending your money, which makes it easier to save. It is important to remind yourself that you do not need that new pair of pants or that venti Starbucks coffee.

Setting a Shopping Budget

When it’s that time of the week for you to do your weekly/biweekly grocery shopping, set a budget in place before you go. Making your spending limit $100-$150 per shopping trip allows you to get the groceries you need (not just want) and prevents you from spending too much money. Believe it or not, you can get an appropriate number of groceries at a reasonable price.

On other kinds of shopping trips (clothes, school supplies, etc.), it is still important to set a budget for yourself. If there is a nice $60 pair of shoes you see that work great for the field or a new job, don’t run yourself dry by also getting the cute $20 shirt you can’t even wear until next season. Be smart with your purchases and remember that you do not need to have everything to be happy! Besides, the excitement of knowing that you will be able to pick out that one item on your next trip is enough to keep you motivated to save more and spend less.

Paying Your Bills on Time

I cannot stress this enough: PAY YOUR BILLS ON TIME! Making sure that your interest fees do not exceed your comfort level is very important. If you cannot pay your bills on time, not only can you lose things like your electricity, insurance, or phone service, but you can also end up having to pay even more out of pocket – which isn’t a part of your budget plan.

As long as you stick to dividing your paychecks properly and obeying your shopping budget, you should not have too much of an issue having the money needed to pay your bills, because you have already accounted for how much you will need, and if necessary, you have your emergency fund at hand.

Remembering to Treat Yourself

All this talk about saving your money and not spending too much can be kind of a letdown and may discourage you from enjoying your adulthood. However, you should pat yourself on the back for being able to do all of that work of dividing, budgeting, and saving. It is often good for your well-being to go out on that nice date, grab that dress on sale, and splurge on a donut from Dunkin’. As long as you are staying responsible and remembering to take care of your future self (who will be thanking you 30 years from now), you should treat yourself every once in a while!

On that note: never let people discourage you from choosing your career because it “doesn’t pay enough” or from buying a new outfit because “it’s unnecessary.” Do what makes you happy, and that is all that matters!

Emma Oresic

Winthrop '24

Hi everyone! My name is Emma Oresic and I am a junior Elementary Education major at WU. Some of my favorite pastimes are painting, watching Netflix, and reading and writing.