Managing your budget!

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Hello Everybody!

I hope all of you are doing great?How are you coping with the changing weather?Some people say,the winters are here to stay,while others believe it is just a random spell!I hope it is a random spell because I haven't had enough of fall yet!:)

I was really busy last week.My sponsors invited me to UT Austin,where they organized a gateway orientation for the incoming Fulbrighters from Pakistan.They wanted me to talk about my experience and pass on any tips that I had from my experience to make their transition and survival easy.I guess I can talk about a lot of that in my blog too.The question that i got asked the most was to manage budget.Being a student,you sometimes have to live the bohemian way!This is not a compromise,this is the fun of being a student.Anyways,since most of us come with limited budget,here is what I suggest to all of you:

1."Live like a student"

2.Eat at home.Food cooked at home is healthy,economical and delicious.To tell you a secret,cooking is my stress buster.

3.Take advantage of free entertainment opportunities,like free fairs and festivals(we had a whole bunch of them in summer),free concerts and movies(in parks and in the coffman movie theater).

4.Minnesotans take pride in outdoor activities and unlike many other things to do,a hike across the state park in summer would not cost you anything.

5.Instead of having cars and worrying about insurance,maintenance,gas and parking bill,use Public transit.Minneapolis is one of the transit-ally blessed city.With the new light rail in place,the situation will even get better.The bus pass is really cheap and saves you a a lot of money.The cabs here are not very expensive and I sometimes share them with my friends when we go grocery shopping.

6.Buying in bulk is the best strategy to save money.I buy all the non-perishables in bulk and in the value packs.I dont have to buy them every month plus I get a good value of my money.

7.However,watch out for the consumer coupons.They are good if you are buying for a family of four,but if you are just shopping for yourself,you don't have to shop BOGO style,and at least I ended up over spending on stuff I didn't really need.

8.Dont compromise your quality of life.The place where you are living should be clean,well lit and ventilated.It is important for your physical and emotional well being.your rent should take most of your monthly budget,everything else can be managed.I recommend living close to campus so you spend less time commuting and stressing out.

9.To buy clothes and shoes,I would recommend waiting for sales and big events like the black Friday(I cant wait for the next:D).Stores like Marshalls and Nordstrom rack offers branded stuff from last season at affordable prices.

Did I miss anything?Please feel free to ask any questions that you might have regarding budgeting and I will try my best to help you.

Until the next blog,take care:)
best

2 Comments

Especially with how the economy is right now, this is a very important topic!

Good One!I like number 1 :) However,being realistic with your finances and working hard, you deserve to treat yourself. This isn’t to say you deserve the newest iphone 5s but maybe a decent cup of coffee every once in a while. Live a little,reward yourself once in awhile.

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This page contains a single entry by Sehrish Javaid published on October 18, 2011 3:44 PM.

Trash? Treasure! U of M links you to the world! was the previous entry in this blog.

You can still pick apples. Hurry!! is the next entry in this blog.

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