Budgeting Your Money

Budgeting is hard for all of us. It’s tough to save money for aomething that is so far away when all you want to do is have it now. After earning $500 a week working full time before I started University having my payslip come in as less then half that per week was very hard to adjust to.
When I was getting paid more I spent more. I would only have $100 put into savings every two weeks. I dont know what happned to the rest. I would find things to spend it on. Lunch, Hairdressers, Clubbing, Clothes, Nicknacks… I would splurge on things I didnt need or really even want becasue I could.

After the last two months of finally paying off my debt that I had accumilated due to my lifestyle I’m prepared to save the right way.

I figure divide your money into weekly amounts.
So I earn $192 a week. I’ll put half into savings to save for my trip to Vietnam in 8 months time.
I’m left with $96. I dont want to deprive myself of joy completly. So I’ll allow $15 spread over the week to get a coffee or a snack at Uni or Work ~I think it is a good idea to allow yourself treats so you dont feel deprived and then end up spending your whole paycheck by accident~
Ok So after that I’m left with $81. I spend $26 on transport a week. $55 left ~This is getting scary I still have my monthly bills to pay~
Now what else do I have to pay for?
Weekly:

  • Gym Membership $25
  • Loans $25
  • Going Out $60
  • Miselaneous $20
  • Clothes $60
  • Festivals $30
  • Hair $45
  • Food $50
  • Bills $20

Oh dear. Not alot of money to cover alot of things is it?

But thats is ok. I have a solution: Cut down on the things you dont need right?
I already mentioned I have started to do excersise at home. I paid off all my loans by simply not going out or allowing any outgoings. So thats two things off my list already.

  • Gym Membership $25
  • Loans $25
  • Going Out $60
  • Miselaneous $20
  • Clothes $60
  • Festivals $30
  • Hair $45
  • Food $50
  • Bills $20

Going out four nights a week isnt productive to my health so If i used to spend $60 over each night and I’ve already cut it down to $60 for the entire weekend… Do I really need that Alcohol? No – Brilliant This will make it easier not to say no to alcohol becasue I dont have the money. If you do enjoy your alcohol and dont want to cut it out of your night out then simply limit it or go somewhere cheaper. Sydney has a backpacker bar called ‘Bar Centruy’ $3 drinks all day everyday. Maybe your city has something similar Vs the $7.50 you pau at a club for the same drink.
I dont want to stop going out so I’ll just limit it down to $20 a week for either movies or entry into a night club.

  • Gym Membership $25
  • Loans $25
  • Going Out $60 $20
  • Miselaneous $20
  • Clothes $60
  • Festivals $30
  • Hair $45
  • Food $50
  • Bills $20

Festivals and Miselaneous? Well I have two Music Festivals I have bought tickets too. They go for 6 days each. Hmmm I have already paid off the ticket price. But what about living expense and transport. Eww I didnt think of that when I bought the ticket. If I save the two together and drop the amount I am saving I have four months until one of the festivals. So if I save $20 instead for the next few months and borrow the additional out of my savings acount, then when the festivals are over I can pay it back? Yeah good thinking.

  • Gym Membership $25
  • Loans $25
  • Going Out $60 $20
  • Miselaneous $20
  • Clothes $60
  • Festivals $30 $20
  • Hair $45
  • Food $50
  • Bills $20

Hair Money.. Hmm this is going to be hard. I cant aford to get my roots re-done every few weeks. Each time that I go to the Hairdressers I end up paying $180. I dont need it I guess. Since my roots are so dark I’ll just go to a darker shade of the colour I have now ~ then I dont have to deal with regrowth~ You can die your hair when you are able to aford the outgoings. Being blond is expensive!
Food
I really cant go without food. But luckilyI have wonderful parents to visit and get fed at the same time. I think this is killing two birds with one stone. Go home for dinner. Stop eating out! I shouldnt talk becasue of the coffees and snacks I buy but by taking my own lunch I save $500 a week.
Yeah Take Your Lunch.
Bills. Eww. Phone Bill and regular bills… Ok anyone would be lucky to have bills as cheap as $20. But I think the same theory applies to anyone regardless of the amount. Bills come first, Like rent. So there goes half of your savings. I am assuming you will be earning more then what I do So thats where your savings will probably end up going.
Pay Your Bills Before You Allow Yourself To Go Out.
Clothes~ I have SO MANY~… I dont need any more. Minium is best. Wear it out and once its threadbare then go and get new clothes. You dont need to have a new dress each week.

  • Gym Membership $25
  • Loans $25
  • Going Out $60 $20
  • Miselaneous $20
  • Clothes $60
  • Festivals $30 $20
  • Hair $45
  • Food $50(The $15 I already counted above for coffee and snacks – If you cant afford it then remove it)
  • Bills $20
    =$60

Hmm I’m stuck at a problem. My expenses are more then what I set asideDamn. $60 Vs the $55 I have budgeted.
But Don’t stress. Only go out once every two weeks or on special occassions. You will enjoy the reward more and be able to aford things.

When a pair of my shoes went bust and broke, I simply didnt go out partying for a few weeks and then I had enough money to buy some new shoes.

 

 

 

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