Quick and Dirty Adulting Guide: Financials Edition
Money is really hard. Especially because we’re not taught how to handle it on a personal level in school. But here’s some tips from my personal experience that might help you too.
Make a budget. Even if you live on $150 a month and get your food from the cafeteria and live on campus. Decide how much you want to spend a week on going out with friends, and put the rest in savings. Tools like Mint (which is free) and YNAB (which is free to students) can both really help. If you have bills to pay, prioritize those first. Then break down the rest oft of your money on a week to week basis.
Put money into savings. Pick a set amount that you put into your savings account every time you get paid. That money is for emergencies, like the next time you get strep and wind up in the doctors office. Or if you do fuck up and need twenty bucks to buy a weeks worth of groceries. I find it helpful to have two separate savings accounts; one that I never touch, and one that I pull money from in the event of an emergency (or if I really want to go out with friends and am hella broke).
Go on a spending freeze for a month. Pick a month where you’re only going to spend money on groceries and bills and other necessities. This helps you jump start your savings, and it helps you become aware of how often you eat out, buy things, etc.
Figure out what credit is. It’s basically money that’s on loan to you from the bank, that you pay back with interest. This interest is what builds your credit, and helps you have a good credit score. It’s especially important for students who have taken out loans to start building credit, because a student loan is bad credit. You need to counter it with a good credit score on a credit card.
Decide how you’re going to use it. The two most common plans I’ve heard are (1) Using it for a big thing every month and not touching it until the next month. Personally, I use my credit card to buy my MTA pass each month. Sometimes I remember to stick it somewhere and not touch it, sometimes it ends up in my wallet and I use it for a few other things as the month goes on. (2) Buy one small thing with it each day. I have several friends who use it to buy a cup of coffee each morning, and then they don’t touch it.
Remember interest. The biggest mistake you can make is using a credit card like a debit card. When you have a credit card a little bit extra gets tacked on to your total. If you pay 15% interest, each dollar you spend actually costs you $1.15. If you go to target and spend $30, you’re actually paying $34.50, almost five dollars more than your original total.
IM ON FIRE WITH HAULS OK
Had a pretty good ass haul today. (:
Three wet n wild brushes (one for friend.) $2.97 each
Maybeline concealer - $7.97
Makeup bag -$8.97
Neutrogena makeup wipes $11.97 (we got a twin pack and split them)
4 Essie nail polishes - $8.97 each
GOOGLE WIFI ROUTER. - $124 (fuck yes I picked it up bc I was tryna get the $259 one but it was in the wrong spot so I walked out thinking I lifted a $259 electronic but honestly $124 is still good Lmao… I need to boost.)
Nike track jacket. - $60
Baseball globe $79.99 (my brother wanted this so bad but we couldn’t afford it. He LOVES baseball and made the school team so I had to reward him.)
Nike spanx (for friend) - $32
Love pink shirt - $28.99
Maroon long sleeve pink shirt - $38.95
Red men’s shirt -$19.99 (I know I had this but I swam in it and left it in my car so I wanted a new one)
Jeans - $49.95
Soft n sexy shirt - $24.95
Bath and Body Works
Suede cologne - $34.50
Womans perfume (forgot the type I got her.) - $36.50
I watched Russel Peter’s comedy special last night and just now my asian boss said “34.50” THE EXACT NUMBER THAT RUSSEL PETERS USES AND IT WAS THE EXACT SAME ACCENT AND I ALMOST MIMICKED HER OUT LOUD!!! I was so close to bursting out laughing…