Amazon account out of control? Addicted to subscription boxes? Going out to dinner every day that ends in y? It’s very easy to overspend. If you don’t have a financial plan in place to avoid Groupon’s endless temptations, you may find yourself financially unstable.
The struggle to budget is real. And it takes a bit of designing. First you need to know how much income you have to decide how much you have to spend. You can track your weekly or monthly incomes and expenses for a few go-arounds to get a better picture of how you manage your money pre-budget.
As you start shaping your budget, start thinking about the need-to-haves (the essentials, buying food or paying rent), the nice-to-haves (like buying a new wardrobe or going on vacation), and the want-to-haves ( buying a house or a new car). If you know what your goals are, you can commit to putting money aside every month without feeling like you’re deprived of anything. Or maybe you’ll think twice about buying that Coach bag if you’re a few hundred dollars shy of paying back your student loans early.
Because budgets are hard (and because everyone loves Taco Tuesdays!), CollegeXpress came up with a helpful acronym: TACOS
Track Spending
Accumulate Cash
Consider Purchases
Overestimate Everything
Spend Money
Remember, Rome wasn’t built in a day. With a little time and patience, tracking and organizing your finances will be second nature. Need some help getting started? Stop into our Office anytime!
Kelly Matera