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Wednesday, February 5, 2014

The Saving Student

At the beginning of December, I realized that I was basically...well, broke. I had worked 12 hour days all summer long and had somehow blown through all of my money in one semester. I was baffled at this - how had I gone through all of that money so quickly?

As I went back through my bank statements, I found what got me - small, insignificant purchases. I was going to Starbucks at least once a day ($120.00 per month), going to Whole Foods 2-3 times a week ($80-120 per month), and buying ridiculous amounts of unnecessary items from places like Target and iTunes ($60 per month).

It's pretty easy to see where all of my money went.

After I endured that embarrassing shock of "Well, shoot, I'm broke," I set out on a plan to get a better grip on my money. I also realized that since I'm going to college next year, I'm going to have to do a better job of budgeting.

The first thing I did to get my finances back on track was meet with my banker. I called my bank and set up an appointment, and it was really helpful. They helped me understand where my money had gone and how to prevent a situation like this in the future.

The next thing I did was get to work. My parents generously offered to pay me to do things they didn't want to do, like ironing all of my brother's school clothes (his uniform is a button down, tie, and khakis), or organizing my mom's office. I also started babysitting a lot more, and I asked my swim coach for a job teaching swim lessons.

Now that I have a somewhat stable balance in my bank account, I plan on maintaining it. I have stopped going to Starbucks daily (although I still go about once a week as a treat), and I learned how to make the drinks I wanted at home. I also figured out a way to get most of the foods I was craving from Whole Foods in my kitchen - enter Pinterest and my awesome mom. By coming up with other Boredom Busters, I no longer go to Target or other places just because I'm bored.

My plan to be more money-minded will continue on into the summer. As I begin working again, I know that I will have to save that money to get me through my first year of college, and I will also need to have a cushion in the event of unforeseen expenses (aka my car wreck this past fall).

Do you have any tips for better managing your money? Please let me know! Shoot me an e-mail or comment below!

xx, Victoria

1 comment:

  1. I to love my Starbucks, but it is so pricey (especially in England). Congrats on getting your self out of such a difficult situation.

    Rebecca Elizabeth


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xx, Victoria