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After spending several cash-strapped summers splurging on nothing but high electricity bills and takeout, I decided to do something about my spending habits.
I was quickly becoming the Queen of the Paycheck-to-Paycheck Life. This year, I decided to revamp my spending and saving habits in order to successfully ball on a budget. There are only three precious months a year in which I would rather be outside exploring instead of in my apartment with Netflix and a pizza, and it is important to make the most of them.
Here are few tips to help others who are dreadfully bad at saving money to make the most out of their coins in the coming season.
Packing a lunch = more money for fun
When I began working full-time, I ended up spending at least $8 per day on lunch. I am definitely not a morning person, so getting up early for breakfast was out of the question. Coffee and a bagel usually ran me about $5 per day. That’s a minimum of $65 per week on breakfast and lunch – and that was on a good week. Grocery shopping and cooking on the weekends has cut those costs in half. That’s money that I’ve been able to spend on trips, (affordable) clothes and concerts. I don’t miss my favorite deli’s subs at all.
Travel expenses do not have to leave you broke.
Try to book your flight at least a month and a half ahead of time and be sure to comparison shop using a site like Cheaptickets.com. Pro tip: Flights are cheaper if you book them on Tuesdays. It’s also cheaper to take a domestic flight on Tuesday, Wednesday or Saturday.
The beauty of the “staycation”
Sometimes, you need to take some time off, but you can’t afford a fancy trip. A “staycation,” or spending your vacation days at home, is one of the most underrated joys that adult life can offer. You get a chance to explore your city midday, you don’t have to spend money on a flight or hotel and you avoid spending hours on a metal box, soaring through the air with hundreds of germy strangers.
Pay day tips for the forgetful.
Pay yourself first. It really does work! Transfer a pre-determined amount of money to your savings. I generally shoot for $20 to $100 each pay period.
Next, pay all of the bills due within that period. Add all of your upcoming bills to an online calendar so that you get a reminder on your phone. You’ll avoid late fees and you’ll be able to budget easier.
Budget for fun.
Don’t forget to factor in those after-work happy hours and Sunday morning brunches. Set a “fun” budget and never borrow from future fun budgets.
Sometimes, you just need a part-time hustle, plain and simple.
Personally, I’ve made a return to babysitting. Sites like Urbansitter and Sitter City make sitting a breeze. Occasional babysitting fits into my schedule and I love children, so it’s been a wonderful change. Elance, Taskrabbit, catering companies, event and promo jobs are all viable options for short-term, flexible extra work.
Last, but not least, view money as a tool.
A friend from college told me this a few years ago and it was like a revelation. Money is a tool. It is not a measure of success or an unknowable enemy. If I make X dollars, then I can do Y things. It’s as simple as that.
