Manage my money better

I’ve spent a total of $30 out of the last two weeks worth of paychecks. I would say so far so good but I know I could have cut back on some things. For example, I bought bottled juice for breakfast, when I have reusable bottles at home that I can fill with juice. Also, I need to find a way to politely tell my coworkers that I don’t want to go to fancy restaurants with them because I’m on a budget. I’m trying to save up for a new Macbook before school resumes in September, so every little bit helps.

On a good note, I haven’t given in to the candy/fast food/shoes/clothes temptation yet, and I hope I can stick that out all summer.

On a bad note, I was rejected for my first credit card application. I was planning to build my credit by substituting credit for the debit I use currently, then paying off the balance immediately. I buy everything cash anyway, so it wouldn’t be much of a change if the cash went through the credit card instead of the seller. I was probably rejected for two reasons…first, I’ve never had a credit card so I don’t have established credit…and second, I’m still in college and already have over $11000 in loans. I’m not sure if they considered the fact that my tuition is $52000 per year and I’m not just taking out loans for fun.

I don’t spend too much money, but I really want to keep track of where it all goes. I have a nagging suspicion I spend quite a lot on snacks and candy, and there are much better things to spend it on.

Well I could probably cross this off the list. I’ve learned to MANAGE my money beautifully. Between new-found mint.com (SIGN UP, it’s amazing) and my homegrown spreadsheet and never missing payments anymore and never charging on my credit cards anymore and taking charge by closing my useless .01% interest savings account to open a 1.65% savings account and opening my first 401(k) soon & understanding what it is, I’ve become terribly good at this, and I’m more than a little proud of myself. Still I feel my finances are in too much of a shambles—well-managed, but in a shambles!—to feel right saying I’ve done this.

I can still feel capable and proud about it, though, and I do.

I decided to buy things little by little instead of all at once. I’m using ideas from “The Richest Man in Babylon”... it seems like my budget is feasible for now, but we’ll see.

My pay rate for my first summer job changed, so now I should be making $380/wk for Session I. I’m not sure if I want to up my lab job to 40hrs/wk for Session II though for $600/wk though. I feel like I should take a break before classes start again.

I’m averaging $40/wk for groceries, but produce is getting crazy expensive so that may increase. I’ll also have to factor in a phone bill whenever I get a cellphone. My summer class was $4000, but I got a grant for half of it :D That takes 1/2 a load off my mind.

There are a few big things I’ve wanted to buy for a while, but I don’t know if I should forget the budget temporarily and just get everything, or get things little by little. I’m spending the same amount either way but it feels weird by hundreds of dollars worth of things all at once.

I noticed that I do spend money on tiny things I can bring from home. For instance, I drive to work and see I forgot to bring my water bottle so I buy one to get spring water. If you do this a few times a week you can spend a few dollars more than needed. When I do this I also often neglect to bring fruit, end up buying it so that is another few dollars. It is worth taking time to prepare for work to avoid these lapses! I am trying this now for the week with new resolve.

But how I spend my money says something about what I value. What the hell do I value anyway?

In the past week I’ve kept track of expenses on a single two inch post-it note. I will now put what I have in the budget book and try to do better.

Well, I now have a regular budget, and a few accounts that I juggle money between. With a theoretically fixed amount for frivolous spending per week, I should see money going where it needs to go.

I’ve been spending A LOT on flights to see friends over the last year, and one thing I’ve never really fixed in my head is ‘how much should I spend on fun stuff per week?’. I earn a pretty comfortable wage, but I’ve never really decided that.

Now, with (I think) less that I normally spend set as an amount per week, it actually feels like more, and I enjoy planning impulse purchases possibly more than spending them.

The last thing I need to do is fix up my debit card so that it’s hooked to the right sub-accounts, so I KNOW if I pull that card I’m spending on toys/fun stuff.

I signed up for http://www.Mint.com … and it’s so pretty and shiny! I’m glad that it’s free and helps me visualize my budget, but I don’t know how to edit the loans part. It also doesn’t help me budget cash I withdraw from the atm. Oh well, it’s a step in the right direction.