Living On a Budget
Keep a budget!!! This may be difficult to do if it isn’t a developed habit, but make it one. It’s very easy for funds to diminish quickly especially since loans/savings are typically a large lump sum. Plan out monthly expenses and keep track of spending, so money doesn’t slip away sooner than planned. 2.) Use discretion with discretionary spending. You definitely want to include variable and leisure items on your budget. Have a budget line for entertainment, meals, etc and be disciplined about sticking to it. Minimize eating out and lunch at the Fox Center. I’m a fan of fine dining and sometimes don’t have time to prepare lunch/dinner; however, eating out is one of the fastest ways to make money disappear. Be realistic about how many times/week you should do this, and try not to deviate from it. You’ll appreciate doing this when you’re not broke by the end of the semester. 3.) Finally, don’t take out additional loans until it’s absolutely necessary. Most loans start accruing interest the moment you sign the promissory note. It’s easy not to think about it when the money gets deposited and you have the comfort of knowing it’s there, but why pay interest now when you don’t really need to? When it comes to debt, you should pay the absolute lowest amount possible for it and waiting minimizes costs for you. Besides, with direct deposit, it will not take more than a week for funds to appear in your account, so be patient.
- Tricia Appiah, Class of 2013
- Tricia Appiah, Class of 2013