How to budget!

So Nancy and I were brainstorming on what this blog post should be about. What was something that concerned college students universally? The answer was actually tied directly into why we were all on campus working: money. College costs money, graduate school costs money, the rest of our lives are going to cost money.
   As a college student, we begin to learn to budget, to cut corners, to save money up for that perpetual future rainy day. Its not easy, especially with how tempting all the little purchases can be.

Here are a couple of hints that can help a college kid budget their money, especially if they go to Allegheny.

1. Coupons. 
     Its silly, but true. Coupons can save you money when you are purchasing products you were planning to get anyway. A great way to get access to free coupons is to sign up for a bonus card at TOPS, and check yourself off for the online offers. You can get access to weekly sales, put coupons right on your card so you don't even need to print and cut them out, and even write out shopping lists. TOPS also offers through its weekly e-mails something called Meal Deals. You want to keep an eye out for these because for most meal deals when you buy a package of chicken or ground beef, you can get up to almost $20 dollars in free items to make it into a meal. For instance, One week we bought a 4lb package of chicken. (Chicken is easy to freeze if you don't plan on eating it right away.) We then got garlic bread, mozzarella, tomato sauce,bagged salad, sorbet, barbecue sauce, baked beans, pasta, litter of soda, and a container of sorbet all for FREE. You get the idea of how great that can been for your piggy bank.

2. Keep Track. 
     This was a hint that I got from my Dad, but then took to the extreme. What you do is keep an excel document that keeps record of every purchase you made, no matter the size. I keep track of all my expenses from spending 25 cents on a loaf pan at a garage sale to what I spent on textbooks which I can tell you was a Lot more than a quarter. This lets you see exactly where your money goes, so when you see your wallet empty you can know where it all went. The best part about this is that it allows you to examine your buying habits and adjust them in a manner that is more cost effective.

This is a fake example of an excel document expense account.
(There was no way I was going to put up my actual one!) 

3. Cash Only.
     Credit Cards are a needed convenience of modern life, and a useful way for students to build up their credit scores and learn about responsibility and bills before getting into 'real life'. However, they make it really easy to make purchases you hadn't planned for, and might not really need. The same can be said with debit cards. Its easy to put purchases on debit, and forget how much your bank account has decreased. Cash automatically forces you to plan for purchases, and you know exactly how much is left because you can check your wallet or sock draw for your cash. I get cash when I deposit my paycheck, and then make it last until my next pay check.

4. Be Serious
     Its surprising how much of our pocket money and more importantly paychecks go towards those stupid little things we think we need, or argue that it doesn't made if we need them or not because its so cheap. I don't care how much it costs, unless its free, its still eating up part of your budget. Nancy uses this technique a lot, and by being serious about what she buys, it saves her a lot of space in her room and in her budget.

5. Beware of On-line
   On-line sales are wonderful, but its also a way of following link after link to buy that new lamp, book, or must have accessory. And admit it, we all get bored at some point and just scroll through our favorite on-line stores and shopping websites, and 'GOSH' we found something we just had to buy. Our solution, DON'T SHOP ON-LINE! (The only exception we really make for this is for textbooks, because they are cheaper on there). If you are bored and want to go on the Internet to surf or you just want to procrastinate at work, then join stumbleupon or find an Internet comic strip to read (I suggest sequential art personally), but don't be tempted by that free shipping e-mail link sitting in your inbox.

6. Re-use
    You can save a lot of money by not buying new, or re-using what you already have. For instance, instead of buying scrub brushes or rags to clean with, save old toothbrushes and t-shirts for the same purpose. Why buy plastic containers, or even foil or plastic wrap? When you use up a product that comes in a resealable container, wash it out and save it to store leftovers or other items. I covet peanut butter jars because of their screw on tops, and butter containers because they are a great single portion leftover size.  Garage sales and yard sales are a great place to go shop for cooking items, clothes, or just for fun items. I got a bunch of American Eagle and other name brand clothes (some still had tags) at a garage sale for $5. I don't want to even think about what the one dress alone would have cost at the store.

7. Pack a lunch. 
    If you didn't get a meal plan for the summer, or you are even out in the real world, packing a lunch is a great way to save money. Instead of spending five dollars everyday, you can take the leftovers stored in plastic containers to work in a reusable cloth bag, or make your self a sandwich a loaf of bread and a jar of peanut butter and jelly will cost you probably $10 if that, and feed you for over a week! Not only do you save that $5 a day packing your own lunch, but you end up getting better lunches. Today, I had left over lasagna (I'll post the recipe later) and it was way better tasting and healthier than just grabbing a sandwich and chips at the deli.