Unfortunately not the candy bar, pay day is a mythical day that comes rarely as a college student.
I manage my school's online newspaper, so I get paid $150 per month to read, edit and pass stories through to post every week.
I typically like to save $50 from each of these paychecks, but last month was a struggle. I had all that I needed, but I did not like seeing my bank account dwindle, so this month I started out by saving $25.
It's hard to predict money. It fluctuates, for one. Some months there are really important things to pay for, some months there are only cute clothes to pay for. Sometimes you want to spend all of your money on sushi. It changes so frequently and it's hard to plan!
So how do you plan by ear?
1. Save something. Like I said earlier, I prefer to save $50 each month, but even half that can be helpful later.
2. Withdraw cash for food. I always get annoyed when I see a $3.25 charge for a snack. I withdraw about $20 and use it for food. If I need more, I'll get more. This also keeps unnecessary snacking down.
3. Decide if you want to save more. How did you first week go on your paycheck? If you didn't spend a lot, consider moving more money into savings. Even $10 per week in between checks can make a difference.
4. Treat yourself. If you haven't needed to spend your money on bills, food, or surprises, consider treating yourself to a little something. A piece of cake or a new necklace, it's important to keep you in mind.
Do you have a college paycheck? How do you budget? Share with me in the comments below!
Stay true to yourself,
Alyson
I have two campus jobs, so once a month I have my pay check deposited into my checking account. Because I want to study abroad or take a trip to South America before graduation, I have that in mind when I get my pay check. I try to save at least $50, but depending on how many "extra" hours I've worked (open houses, overtime meeting hours, etc), I save more.
ReplyDeleteI use a website called mint.com. You import your savings/checking account and it will show you where you spend your money. For example, I spend the most money on food between restaurants and the grocery store. It also lets you budget how much you want to spend on certain categories each month and then how much you have left to save. It's free, so I totally recommend it!