Friday, 10 July 2009
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My Financial Secret...
I suppose I have something to confess: despite essentially being financially independent for years, I’ve only been using a budget for the last 8 months or so. Throughout high school and college, I worked typical student jobs that covered the few bills I had and left only a small amount of extra money. So it wasn’t all that hard to see where the money was going and adjust accordingly. And I was pretty conscientious about my spending because I had so little to spare.
This all changed when I started working at my first real “grown-up job” (business casual attire and everything). Suddenly, I was making more money than ever before. I began to relax little by little about the amounts I was spending. I slowly moved away from the clearance racks toward the regular merchandise and developed something of a Starbucks habit (which is unavoidable in NYC!). Beyond being careful about not overdrafting my account, I didn’t pay much attention to my actual spending.
And so I continued…until the day last winter that I got the kick in the butt I needed. I’ll be entering law school this fall and I had to start preparing the financial aid and loan paperwork. Faced with those numbers- the total cost and my own finances- I suddenly had images of endless ramen noodles and inescapable debt.
I knew it was too late to save enough to offset the largest expenses. But I also knew that I still had time, which was the most important part. And any progress I made could only help me out- even if it just meant being able to have some wiggle room in my food budget next year. So with the goal of at least having a happy tummy next year, I began my quest to get my financial act together. All I had to do next was create a reasonable budget…
I felt like the only person not following a budget at the time. So how about you guys- do you have a budget you stick to? Did you have a kick in the butt that got you started? What was it?
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About the Author
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- From: Cara
- Name: Cara
- About Me: I'm a 24 yr old getting ready to leave NYC and head back to the Midwest for law school this fall. This is a little bit about my attempts to save up for school during my two years working as a paralegal. But soon enough it'll be about trying to navigate finances and academics during law school.
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Comments (5)
I like to eat noodles regardless of my financial situation.
Cup O Noodles. Like this we grow up. put a little lemon if you like and it adds a little flavor, also negates the taste of tears that might accidentally drop in the cup.
Congrats on getting into Law school. Like you I currently live on a budget. For entertainment its the library (books and videos). No smoking or drugs other than the occasional patron shot or Johnny Walker Blue shot with clients or friends. No lights on when opening a window shade will do. When you get used to it it'll seem easy in hindsight.
I try to stick to a budget, but the budget doesn't stick with me. No matter what, every time I come to the point where I'm in the position to start saving a little bit of money, some kind of emergency comes up and wipes it all out. This month it's my teeth. I set to go to the dentist on Monday and I'm sure it's gonna cost a pretty penny...with my luck, probably the same exact amount that I've managed to save up. When will it end?
@DeLasombra@xanga - Thanks!
You actually hit one of my weakest spots right there- books! I really need to get back into the library habit. There really isn't a good reason for me to keep buying books like I do.
@Fashions4Flirts@xanga - I know what you mean, it can feel like such an endless cycle. But look at the bright side: if you hadn't saved anything, imagine the position you would have been in when those emergencies happened. Emergency funds are actually one of the first things all the experts tell people to save towards, so you're doing something right!
I opened up a separate savings account that I can put money in, but cannot take money out of. It takes a lot of discipline. At 24, turning 25... I wish I would have started saving at 17 when I first started working. But I save a lot. I'm always broke, but one day I'll have a pile of money to turn to (at least that's what I tell myself)
You'll be super successful after Law School! Good Luck :)