Tips for Budget
Learn Self Control
Although you can effortlessly purchase an item on credit the minute you want it, it's better to wait until you've actually saved up the money.
Research large purchases and investments. Think ahead when buying things like a car, and always take your time making big financial decisions.
Decline extended warranties on electronics purchases. The pricing strongly favors the insurer and your electronics are typically under a manufacturer’s warranty for the first year anyway.
Know Where Your Money Goes
By budgeting, you can see how your morning java adds up over the course of a month, and you'll realize that making small, manageable changes in your everyday expenses can have just as big of an impact on your financial situation as getting a raise.
Cup of Joe
Make your own coffee at home. Coffee chains collect billions of dollars from coffee drinkers every year. How much of that money comes out of your pocket? A calculator tool at www.hughchou.org/calc/coffee.cgi explains that if you spend just $3.50 every workday for your latte or cappuccino, you're losing over a thousand dollars per year.
A Bag Lunch
Learn to cook. A twice-weekly Chinese takeout habit can easily drain you of about a thousand dollars per year. Similarly, pack a lunch to take to campus or to work. Sure, this isn't as fun as grabbing a bite with friends, but it saves you time and money. How much? Check www.hughchou.org/calc/lunch.cgi to get an idea, and in the meantime save lunch dates for special occasions.
I'll just have water
When you do go out to restaurants, avoid—or seriously limit—the alcoholic beverages. Mark-up on beer, wine, and cocktails can be anywhere between 75 and 400 percent!
Quit smoking. Doing so saves people an average of $2,560 per year, not to mention potential medical expenses.
Don't spend that raise, Save it
Don't splurge when you get a raise at work. Save the extra funds until you get a chance to rework your budget. At that point, you may find the extra cash more appropriately spent on bills, debt, or something you've been saving for.
It's the little things
The little things really do add up. Kick the bottled water habit; your local tap water is free and, once filtered by an in-home device, will taste just as good as from the store. Spending too much at movie theaters? Choose the matinee showings and bring a snack!
- Manage Your Finances
- Make Today's Decisions
- Prepare for Your Future
- Save Money At Duke
- Request a Workshop