Every Penny Counts

With the cost of seemingly everything on the rise, looking at how and what we spend our money on becomes important. As a student, you may feel your budget is already stretched to the max, and you have no opportunities to cut corners. However, sometimes taking a closer look at your daily, weekly, and monthly routines (or bills) may give you an idea of where to start.

Begin by taking a look at what you do every day. Are you a coffee drinker? Or do you frequently stop at a vending machine for a soda? Even if you bought the cheapest cup of plain coffee at Starbucks, it will set you back approximately $2. If you stop there once a day, five days a week, for a year, you’ll end up spending almost $500 on coffee. That’s only if you choose the smallest serving of plain coffee. If you purchase two sodas a day from a vending machine or convenience store, you’ll end up spending about the same amount. You may soon realize those small luxuries you are awarding yourself are also taking a substantial bite out of your pocketbook.

Now let’s look at your weekly spending habits. Do you go out to eat? If so, how often? Even if you only go out twice a week and spend an average of $15 on each meal, you’ll spend roughly $1,500 a year on takeout alone.  Also, note your driving or commuting habits. The current national average for the price of gas is $3.35/gallon. Just five years ago, the average price was closer to $2/gallon. To get the most out of your tank, start planning ahead as to what your errands are for the week. Group them by location so you are getting the most out of your mileage.

Finally, review your “livelihood” expenditures. We all have monthly bills we can’t avoid and for many of us, that consists of rent, utilities, car payments, insurance, cell phone bills, etc. Have you ever done research to make sure you are getting the best deal? It can be time consuming, but it can also end up saving you money. There are many websites available for comparing costs of car insurance, cell phone plans, cable and internet, and many more. If you take the time to do a little investigative work, it could end up saving you more than you may think.

We all like to indulge every once in a while, but taking a look at where your money is going may give you a better perspective on what you need to buy versus what you want to buy. You don’t have to give up on all of life’s little pleasures, of course, but by being more conscientious of where you are spending your money, you in turn will truly enjoy a guiltless buy. After all, a penny saved is a penny earned.

Madelyn Saylor
Madelyn Saylor

Madelyn Saylor joined Aureus Medical Group in early 2012. She works as a Student Recruiter in the Rehab Therapy Student Outreach Program. Previously, she worked as an Admissions Advisor at Kaplan University, after graduating from Longwood University. In her spare time, Madelyn enjoys teaching group fitness classes, traveling, and spending time with friends and family.

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