Start budgeting if you haven’t already

Difficult advice that will save you money

You need to be careful with how you’re spending, using and saving your money. Know how much money you have and be more cautious about using it. With the price of gasoline and produce occasionally rising and falling, it is vital to keep personal tabs on how much money you make and how much money you use in budgeting.

Setting standards of how much money you make and spend will better conserve it for when you need it. I have not begun budgeting until now, and I realize how much I probably could have saved had I started earlier; however, beginning has not been as easy as it would seem.

Coins in a Stack. Graphics Credit | Cassy Tweed

First, it is essential to recognize how much money you pay for needs such as rent, food, electricity, phone data and whatever else you spend on, whether manually or automatically set up. It is important to pace yourself in your spending to understand better how to control your financial paying to recoup some financial gains. We all have expenses, we all need to spend money to survive and we all like spending money on all manner of things.

What we don’t like is losing money. After a family activity of determining how much money I make and spend in a month, I realized there are a few things I could be doing better to prevent losing so much money.

Last week my parents sat down with my siblings and me and gave each of us a monthly budgeting plan on a sheet of paper in which was written lines expressing the monthly payment from our work and then the many things we need to spend money for.

These included rent, phone bills, electricity bills, groceries and gas money, as well as car insurance. In doing this, I realized I was barely making enough money to scrape by for the present and was not collecting the savings I wanted to.

With the amount of money that is casually wrung from you each week, its best to pace yourself in your spending to better understand how to control your financial spending in order to recoup some financial gains.

For my current job of working at NDSU Plant Sciences, I make roughly about $560 due to low work to be found in winter. Rounded up to roughly $700 a month in gain.
$500 of that goes to pay my rent, and at least $50 a week goes to pay for groceries, rounding up a combined total of $200 spent on groceries. Now I am left with only $1,000 total.

Then comes in the phone bill, another $15 to $20; the electricity bill, which can be $15 to $80 depending upon how much heat I need to use to keep warm. The gasoline for my car, a strange animal, depended on the amount driven. It takes roughly $40 to $60 to fill my tank. Total, it is $80 to $150.

Dollar Bills. Graphics Credit | Cassy Tweed

The amount of money you spend on gas amounts to a total of at least $120 spent or $260. Either way, I have made at least $700 which is safe in my account. But here’s where I draw a wild card. How much money do I spend on stuff I don’t need?

When you make a lot of money, you spend a lot of money because you think all is well and good in the world. I made the mistake of buying so many things that I didn’t even use; books I don’t read, media I don’t listen to, a PS4 I never installed. I eat candy and junk food, which is eaten up in one sitting, and get little in the way of nutrients.

It all adds up if you’re not careful. I resolved to spend roughly $50 on this portion called “entertainment” a month; I realized I had been spending a little over $100 on swiftly-spent “entertainment” concerns.

The ”entertainment” section concerns either going to theaters, out to a special place to eat, buying music or other media. As I mentioned before, we have to spend money to maintain a stable life, but we also have to be smart and use our income wisely.

I have been trying to transfer at least $500 from my paycheck into my savings account for a better vehicle to buy in the future. I became doubtful of the helpfulness of this action due to the costs of vehicles and gas rising. It is important to save because of a little sentiment you’ve probably heard before, “A penny saved is a penny earned.” The same can be said for $500; you will need it in the future, so it is important to place it in a safe place only you can reach.

The cost of living is high, and it only goes up. In the meantime, be wise with your money and don’t spend it on superficial wants. Use your cash to procure a safe and solid lifestyle, reserve some of it for fun and work hard at your job when and how you can to make the most desirable income.

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