Tag Archives: broke

Budgeting 001: Beginning to Begin

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I did not keep up with my financial posts at all. To catch you up, I drove home with less than $100 in my checking and savings account, my credit cards maxed out (yes, cards, I got a 2nd to pay for dental bills), and I had two medical bills past due.

However, I was offered a paid internship at a district attorney’s office in PA and will be living with my boyfriend’s parents. I was able to get in about three weeks of work at a tourist site in Florida, doubled up on tutoring, and turned in my hours for childcare. My current prognosis is not horrible, but I have to maintain a strict schedule if I want to ever make something of myself.  I know that I will not, and do not want to, always have people to pull me out of the hole. I need to be self-sufficient. Yet, being self-sufficient in my finances involves relying on the advice of others to help me realize what is important and necessary.

With the help of my “financial advisor,” I have set the following goals:

  • Keep track of all expenses
  • Immediately pay off PH.D. ($235)
  • Immediately pay off Dentist ($544)
  • Pay of Chase 2 ($474.23)
  • Pay of Chase 1 ($4,430.77)
  • Close out Credit Union account in OH
  • SAVE, SAVE, SAVE!!!!!!

Budget by Necessity

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I’ve decided to share my financial situation and track how I am able to stretch it through the end of the semester and summer (hopefully).

I will not receive my next loan check until mid-August. And while I plan on obtaining a paid summer job, I do not current have one.

So, let’s look at the current state of my accounts:

Checking:          137.24
Reserve:         1031.42
Savings:            758.18
Total $ =        1926.84

Debts:

CC    $3,293.69

Monthly Bills:

Rent                650.00
Phone             100.00
CC                   100.00
Internet            22.50
Electric             40.00
Water               20.00
Total Monthly =  932.50

 Income = $80/week

Based on these calculations, if I spent nothing outside my monthly bills, I will have enough money for two months (May/June). However, I have a weekly bill until May of $245 ($980/month), cost of medicine, down payment and first month’s rent on a new apartment, food, and gas to travel home (~$400).

I am not complaining. I got myself into this mess by making foolish decisions (i.e. dog, Starbucks, Amazon.com). I will document all my purchases and update my current financial snapshot each week.

I hope that this can be insightful to current or future college students, because having to worry about how you are going to afford rent on top of your busy course load is not fun.

How would you cut corners to live on a restricted budget?