Let’s be honest, we all have a love/hate relationship with it. Money can be a cause for great joy (when you have enough) and misery (like…. when you don’t have enough). Personally I am in *cough cough* a bit of college debt. When I was in school, that was really scary for me. However, slapping some perspective on it helped a lot. Yes, I graduated in debt that will take…a lot of time to pay off, BUT you know what that doesn’t take away from me? My family, home, friends, OR God. I’ve still got all of those backing me up during this time. Maybe you aren’t so fortunate as I, and don’t have that full list, but you ALWAYS have God, and He makes ways where roads are impossible.
Anywho, Since I’m paying off over $1,000 a month to my loans, and working 2 part time jobs that don’t give me much more than that total, making my dollars count is essential. There are loads of methods for budgeting your cash, my favorite is the envelope method.
Most of my money comes in tip share (a percentage of servers’ sales, taken from their tips). Therefore, my wages are given to me in little wads of cash stuffed in fun, sketchy-looking, mini manilla envelopes. One for every shift. At the end of every week I take that money and divide it between my envelopes.
Car Stuffs $5/week
Child $9/week (So I can sponsor a child overseas)
Adventure fund $5/week (We all need a little fun!)
Yours will be dependent on your needs and income.
The amounts in my envelopes are clearly small. Sometimes I don’t make the $120 it takes and need to decide what envelope doesn’t get money that week, but overall, it’s a great way to stay responsible for my money, not overspend, and not have to worry about building up more dept.
I can determine just how much time I need to save up for clothes and things, always have $5 added to my various savings, always have enough for my phone bill, and $200 of my monthly loan payment. After that, about 80% of my paychecks go to my loans. I take $100 a month and split it between savings and my adventure fund, and then I reload my Starbucks card.
Take care of your money, and it will take care of you. Find a budget method that works for you. Don’t let it become an anxiety inducing monster.