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Budgeting assists off-campus finances |
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Tuesday, 05 February 2008 |
by ALISON MEANEY
Intern Lifestyles Reporter
Moving off campus can present some challenges when it comes to starting to pay for important things like rent, bills, gas, groceries and beer.
For those new to apartment-dwelling, budgeting can seem overwhelming.
Though tedious, budgeting, penny-pinching and conserving energy is key to avoid substantial debt after graduation.
Budgeting
Budgeting is a skill that requires some practice, but mostly planning.
This includes, perhaps most importantly, determining how much you can afford to spend on rent that month.
Budgeting is constructive because it leads to analyzing what is
important in life, be it fashion, parties or travel, through
visualizing where your money actually goes.
Saving is crucial to budgeting as well. Taking the time to plan out how to spend your paycheck leads to
future satisfaction, as you will actually have the money when it comes time to have your fun.
Make sure not to spend all of your cash on pleasure and save at least a little bit in the bank in case of
emergencies. In the case of a car accident, a tow fee, or a $100 seatbelt ticket, it’s nice to have a little
cushion.
Penny Pinching
Trying to save
even a little money can be hard with temptations like Our Daily Bread’s
lunch specials and Gladiola Girls’ window display, but self-discipline
is the key to penny pinching.
Students who forgo their meal card realize the cost of food adds up
fast, especially when eating out on a regular basis. Thus, smart
grocery shopping is imperative for tight budgets.
A vegetarian diet is easy on the wallet with some paycheck-to-paycheck
favorites including grilled cheese with tomato soup, peanut butter
& jelly, and beans and rice.
That said, don’t forget to utilize the VIP cards. Lowe’s, Harris
Teeter, Food Lion, and Ingles all tabulate points towards free or
discounted grocery items.
Students strapped for cash who still feel uncomfortable shopping at
conventional grocery stores should shop for produce in EarthFare’s
reduced section. This food is sometimes priced at half off but will go
bad soon, so eat up quick.
Conserving Energy
An effort to
conserve energy can benefit the environment and is an easy way to
reduce the bills every month. Simply turning off the heat in your
washer and dryer can dramatically reduce your energy costs.
According to Powerwise, an Ontario electric company, 85–95 percent of
energy used by washing machines is used for heating. Turning off the
heat will not only reduce your kilowatt hours, but also retain the
strength and colors of your clothes.
Remember to check your lint catcher with every use of the dryer because
a clean catcher dries clothes more efficiently and reduces the risk of
a house fire.
When it comes to lighting your home, the initial cost of compact fluorescent bulbs can seem
expensive, but installed in high-traffic areas in your home, they will quickly pay for themselves.
One compact fluorescent bulb can save you three times its cost in electricity.
Perhaps the easiest way to cut the cost of lighting your home is to turn of the lights whenever you leave a room.
Light switches are different than a car motor because it doesn’t use
more energy to turn on than to leave on, so there’s no excuse to leave
a light on in an unused room.
These tips are just a starting place for cutting some of the costs of
living. With time and some practice, everyone can learn to manage their
money efficiently and effectively.
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