NU 12 – Week 5
NEW SPENDING HABITS / ROUTINE
Being a full time student, I have no income generating activities. It is a hard task managing what is left from my former work's savings. How do I survive? Fortunately, my mother gives me an amount of cash to survive a day at school. That's the only income I'm getting ever since I resigned from my work. On the other hand, I haven't been productive in the past two years. I have always been at home watching the television, reading a book or surfing the internet. Unhealthy, isn't it? How do I break this chain? How do I manage the little money I have in my wallet? <be engaged in a sideline)
1. Set Long Term Goals
Since I'm in my 20s, I should be able to distinguish my long term goals already. Setting goals with their appropriate dates to make sure I can accomplish everything in time. Deadlines will be helpful since these will motivate me to meet my long term goals. But how do I do these things if I still don't know what I want to do with my life? Before everything else, I should know what I enjoy doing and where I'm really good at.
2. Stop/Control Impulsive Shopping
If setting my long term goals isn't enough, I should make a list of what matters the most at the moment. One thing I really love to do is shopping. But since I have no income nowadays, I should know that this activity should not be my priority. Instead, if I organize my closet habitually I know I can find a lot of clothes that still fits me and I wouldn't need to shop for clothes until whenever.
3. Budget my allowance
Since I only get allowance depending on how many days I go to school, it's really difficult to save money. However, if I can think of other ways so that I can minimize my expenses like bringing "baon" or choosing meals/snacks that are budget friendly then I can save a bit from my allowance.
4. Use Credit Card for REAL Emergencies – not when I see cute shoes or books or clothes
When I was in college, my mom gave me an extension of her credit card for emergency use but there are times when I can't help but swipe that card when I go inside a bookstore or a boutique. This must be hard to do but I really need to start over and use the CC for its real purpose.
5. Stop Checking Facebook for awhile. Or limit checking of Facebook into 2 hours per day.
Limiting the use of Facebook and other social networking sites does not affect my budgeting. However, these social networking sites have been the means of being unproductive and/or procrastination. By limiting myself to use these will motivate me to go out and see what's outside the four corners of my house. These activities outside may also help me form an idea of a business or something that will keep me productive.
6. Read More Books
I am a fan of books, preferably fiction, but lately I've been having a hard time finishing a book. I've so many unread books at home and because I am in tight budget I should keep myself from buying a new book until I finished all my pending books at home. By reading these books, I can also get a business idea out of them. <many free e books are available.. I saved a bundle by subscribing to free ebooks>
7. Monitor / Create an Inventory of my things
One of the ways to get organized is to monitor my own things. I used to have an inventory of my books written in a yellow pad but didn't continue. So to help myself by monitoring my own things, why not create an inventory? Using the MS Excel, I can monitor my books, clothes, accessories, etc. to know how many I have and/or who borrowed my things so I'll know where to find them when I need them. This is also a good practice for the future. 3.5
Thank you sir!
Cathleen Jem Caraig
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