But, in all seriousness you should get to know your spending habits- do you tend to buy things you need or want? Also, do you shop and make purchases when you are in a certain mood?
Below are just a few things we want you to know, think about, and ask yourself as you build your financial life:
1.) If you had all of the money in the world, what would you do? How would you spend your money? Would you buy experiences or things? At the end of your life, many of the things you purchased may not withstand the test of time, but by contrast, all the experiences you have will stay with you forever. The trips to Europe with your friends, the vacations with your family, and the walks on the beach with your significant other – you’ll come to understand that using money to buy experiences may just be what you really value money for. At the end of the day, it is much easier to make decisions about money when the choices you make are aligned with your values.
2.) All financially successful people have some type of budget and stick to it. We understand that some people are frightened by the word! “Budget” means you have to cut back and can’t really spend money on the things that make you happy. Right? Wrong! If you create a realistic budget for yourself you'll begin to see that by cutting back in certain areas, you will have found money to put aside for savings and yet, still have money left for entertainment. Sounds great, doesn't it? Its all in the way you look at things--"Tomato, Tomatoe".3.) Are you a natural entrepreneur, or do you like the stability of working for someone else? We understand that it will be hard to start a lemonade stand this summer at the age of 19, but you are all Brandeis students and thus capable of starting a great summer job such as your own landscaping company. As an entrepreneur, you are the key decision maker. How does that feel to you? If you prefer to be the employee, you have more job security and a steady paycheck. It’s ok to be either an employee or an entrepreneur. Make a conscious choice and do what feels right.
4.) What is it that you really like to do? If you have no idea, then try new things this summer (but make sure to stick to your budget). It never hurts to try. By knowing what you enjoy doing, you will be able to figure out where you spend your money the most. This will help in budgeting for the month--you can now create an amount for that particular habit for the month and stick to it, instead of spending an unknown amount of money.
5.) What have you learned from your parents about managing your money?
What did they teach you and why? Did they even talk to you about money? Or was it a taboo subject? Are you now faced with the fact that you have to get some financial education on your own? How are you going to do it? This is where Savvy Student comes in with all our useful information. Visit our website weekly for exciting news on how to manage your money, eat and shop for less and many more budgeting tips.
Now that you have answered all 5 questions and know your financial self, it is time to put what you've learned to the test. Create a budget and see how easy it is to stick to it! Now that's financial nirvana.
Sweet Sailing,
Savvy Student
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