For today’s post, we’re finally getting into the thing I hate most: budgeting my money. I’ve seriously been dreading this one for awhile. I like to live in a pretend world where money grows on trees, So, I decided to jump into this topic by talking with my roommate, Matt, who is really good at budgeting his money. That kid never runs out!
Q: How did you first learn how to budget your money?
A: My parents have always been financially smart, and they raised me not to live beyond my means.
Q: What’s your personal strategy for managing money?
A: I make sure to check my bank account once a week, preferably two or three times. I budget myself within the amount that I know I have. For the most part, I only buy what I really need. As much as I’d like to go out every weekend, I’m not at a place right now where I can do that. So, I limit it to only what I can afford – usually a couple of times a month. When it comes to buying groceries, I look for things that will last me a long time – just the other day I made a Crock Pot recipe [Authors note: He’s learning from me!] that lasted me five days. I’m in college – I figure I don’t have to be glamorous.
Q: What kind of advice do you have for people who are just starting to become financially independent?
A: First of all, know what kind of fees, hidden or not, that any banks you want to sign up for have; know their policies. Never forget to stay on top of how much money you have – you can spend all of it faster than you might think. Finally, use common sense. I may want that $60 bottle of Belvedere, but it’s just not gonna happen.
Thanks Matt! I definitely need to listen to the one about not trying to live glamorously…oops.
ALSO: If you live in the Reno area, be sure to check out some of the events for the Financial Literary Series for students! They have some great events about budgeting coming up. Check out the schedule here.