Sticking To A budget

So you created your budget… now what? Sticking to a budget can be difficult, but it doesn’t have to be! Here are some tips to help you stick to your budget.

1. Get Organized

You can’t stick to a budget if you can’t keep track of what you allow yourself to spend! Find a place to write down your budget, whether it’s in a notes app on your phone, on a piece of paper, or a GoogleDoc. 

2. Pay Recurring Bills First

For any bills you have to pay every month (rent, phone bill, credit card, etc), pay these on your payday. You won’t forget to pay them if you sit down and pay them all at once when you see that direct deposit hit your bank account, and you won’t accidentally end up not having enough money to pay these bills..

3. Find a System That Works for You

There are many types of budgeting systems out there. Phone apps, writing your cash flow down on paper, and keeping an Excel sheet are all typical systems. If those don’t work for you, don’t worry. Here are some other systems that may better fit your personality and spending habits. 

• The Envelope System

If you are paid in cash, or if you like using cash, this may be the system for you. In the envelope system, you label physical envelopes with your spending categories (eating out, groceries, shopping, etc.). Each payday, split your cash into the envelopes based on your budget. You can only spend what is in the envelope for that category. If you have extra money left over in an envelope by payday, move that cash to your savings and repeat. Some websites and apps can create a virtual envelope system if that works better for you. 

• The Calendar System

If you have irregular paydays and bill due dates, or if you like to see your upcoming expenses at a glance, this may work for you. Get out a calendar, whether it is a large paper calendar or a phone app. Mark down your paydays and income amounts for those days. Next, mark down your bill due dates and how much will be due on those dates as well as your necessary purchases like groceries each week. Make sure to mark down a day for saving money as well! 

If you’d like to, divide up whatever income is left after paying for bills, necessities, and savings over the number of days in the month. You should now be able to see how much you can spend each day on “wants” while also making sure you have enough to pay for your “needs.” For example, you may have $7 a day to spend on whatever you want. You can buy a coffee each day, or not spend anything for a few days and go out for a nice meal. 

How to Create a Monthly Budget Calendar for Mac & iPhone (And PRINT it!)

Here’s a video to help visualize setting up a calendar system.

4. Take Advantage of Student Discounts

Being a student is expensive. Thankfully, many places offer student discounts to help alleviate stress on your budget. Sites like Joinhoney.com and Retailmenot.com find coupons and offer cashback on purchases. StudentBeans.com and Myunidays.com offer discounts on everything from clothes to travel, and the coupons are only for college students. Subscription sites like Apple and Spotify offer student plans, and they sometimes bundle with other subscriptions (Spotify + Hulu for $5/month, for example). Also, social media is a great place to find discounts. Many bloggers and companies post coupon codes for products often. It doesn’t hurt to do a little research and digging to see if you can get a few dollars off your products. Here’s a recently updated list of other retailers and their discounts. 60 Awesome Student Discounts