Budget Woes

Hi Everyone, I hope this blog post finds you well.  I just wanted to give  you all some advice about budgeting.

I'm estimating that a lot of you guys reading this blog are on an all-out job hunt.  While you're job hunting, you may or may not be broke.  Even if you aren't, I would definitely suggest learning how to make a budget.  A simple way to start is by writing down everything you purchase every day and how much you spend.  I guarantee that you will automatically start spending less almost immediately because you'll be super aware of where your dinero is going.  The next thing you can do is to start lumping together the stuff you spend money on into various categories: rent, groceries, entertainment, bills, etc.  This way, you might be able to start pinpointing in which categories you could probably be spending less money in, like entertainment.  You don't have to use this written budgeting system forever- but at least do it for a couple of months until you figure out how to manage your money better by spending less on stuff you don't need. 

Now, once you actually get a job, don't think you can kibash the budget.  A budget exists not only for the reason of keeping you alive with enough money for food and rent, but also so that you can start to save a little.  You might think you don't need to start saving until later, but think again.  Graduation isn't that far away, and unsubsidized loans start accumulating interest faster than you can say "Whoo hooo, I'm finished!"  Plus, if you have ANY loans, you're going to be obligated to begin paying them off within 6 months of your graduation.  (Lucky for you, the Career Services Center offers a one year grace period of free services after you graduate.)  So just because you have money in your pocket, try your best to avoid spending it like you won the jackpot.

But...even though you're on a budget, don't forget to splurge once in a while.  Treating yourself to a massage or a fancy dinner once in a while won't ruin your budget (if you splurge in moderation). 

And just fyi- I got a lot of this budgeting information from Suze Orman's Young, Fabulous, and Broke.  It's a great book and well worth the 20 bucks.  Plus, Bank of America online has a free budgeting sheet, which I think is available to anyone, even if you don't have an account with them.

Good luck!
Seghel