5 Tips to Being More Financially Responsible in 2018 | The Odyssey Online
Start writing a post
Adulting

5 Tips to Being More Financially Responsible in 2018

These invaluable practices have changed my life

255
5 Tips to Being More Financially Responsible in 2018
www.additudemag.com

The common joke about college is that it makes you broke. Today, I want to give you five tips to help you be more financially responsible in 2018 and beyond. Before we dive into the list though, let me just say that though these may not make you money, they can help you save money and when you eventually move on from college and start to net a positive income, these can definitely become invaluable practices in thought and action.

1. Create an Organized Budget or at the very least, give yourself a set amount of spending money each week.

When I think about being financially responsible, it’s tough not to immediately think the first thing that should be kept in mind is knowing where your money is going (which I will go into more detail later on). Keeping a budget can help you decide where your money should be allocated and gives you a better idea of your needs (expenses and essentials) versus wants (money you could be saving each week). As a side note, if you do not know where your money is going, friend, I’m afraid this article isn’t going to do you much good. To everyone else, having a budget is something that we are all eventually going to have to do one day, so why not get a head start on everything and take initiative. Sure maybe you don’t need to start making ten-year financial reports, but it’s never too early to plan for the future

2. Take it a step further and record all your financial transactions.

As a finance major, I love numbers and data. One of my favorite tools to use is Excel. I try and keep record of all the times and places that I spend money as well as deposit and withdraw money from the bank. Using something such as Excel can really help you see trends in your spending and help keep yourself accountable. Also, in my opinion, it helps you become more disciplined and frugal about your spending, because the less you spend means the less time you have to take recording and adding up the math at the end of each month! Many people have negative denotations with the word frugal; however, to me, all it means is being a good steward of your money.

3. Take advantage of discounts.

There are so many opportunities to save money out there—you just have to know when and where to look. Finding great deals on things can be tedious and arduous, but there’s no better feeling then knowing you just saved money. Cheggs for textbooks, frequent flyer miles for airfare, student discounts, and opening something such as a checking account for free money are a few of the resources available to get the most out of your money. In addition, knowing when to look for things can help as well—I scored a ton of great deals the week after Christmas! Lastly, maybe the best resource out there for helping you find those sales and discounts are right in front of you in the form of your parents and family. If you don’t feel like you’re a natural at finding those deals, it never hurts to ask!

4. Be Patient and Make Sacrifices

This goes along with number 3, but waiting to make that purchase that you’ve been dying to make for a long time will pay dividends in the end. Speaking from experience, there is no more disappointing feeling then seeing that item you bought a few weeks back marked down half price and knowing that all you had to do was wait a bit longer. For me personally, I go with my instinct. Sometimes that means I don’t buy something I want and sometimes that means I decide it’s worth it. In the end, the times I decide not to buy builds character. A lot of times, I look back and thank myself for deciding to not buy something—waiting can determine whether or not you truly want something.

5. Put things in perspective.

As a Christian, I believe that God has given us everything we have. To that effect, our job is to be good stewards of all of our possessions, and this extends to being smart with our money. Furthermore, because our money is not truly our own, it is my belief that we should never become too attached to it. Some people say that money is the root of all evil and although I don’t go so far as to say that, I do believe that money can be the root of a lot of peoples’ problems when they let themselves become too enamored by it. Money is a currency used in business and is definitely a large part of life (hopefully, or I might be out of a job), but it is not meant to be loved. That is reserved for people and people alone.

A lot of this list has been tips to save money, but in actuality, being financially responsible is so much more than that including things that I still need to learn myself. I hope this list gives you something to think about for your 2018. Here’s to a year full of planning and saving with a few (maybe) Excel spreadsheets mixed in between.

Report this Content
This article has not been reviewed by Odyssey HQ and solely reflects the ideas and opinions of the creator.
Adulting

18 Things I Want To Do Now That I'm 18

I'm technically an adult, so I'm legally required to live a little, right?

1744
Happy Birthday Cake

For the entirety of my high school career, I was always seen as the goody-two-shoes. I never got in trouble with a teacher, I kept stellar grades, and when I wasn't doing extracurricular activities, I was at home studying. Even when I did go out, it was usually with a bunch of fellow band geeks. The night would end before 11:00 PM and the only controversial activity would be a fight based on who unfairly won a round of Apples-to-Apples when someone else clearly had a better card (I promise I'm not still holding a grudge).

Now that I'm officially an adult, I want to pursue some new things. I want to experience life in a way that I never allowed myself to do prior to entering college. These are the years that I'm supposed to embark on a journey of self-discovery, so what better way to do that than to create a bucket list?

Keep Reading... Show less
Featured

10 Life Lessons from Christmas Classics

The holiday classics that shaped my life

1054
Flickr

The holiday season is full of stress, debt, and forced conversation. While we rush through the month of December, it's important to take a step back and enjoy the moments before they're gone. Most families love to watch Christmas movies, but these beloved films provide more than entertainment. Here are 10 life lessons that I've learned from the holiday classics we watch every year.

Keep Reading... Show less
Featured

15 Mind-Bending Riddles

Hopefully they will make you laugh.

200262
 Ilistrated image of the planet and images of questions
StableDiffusion

I've been super busy lately with school work, studying, etc. Besides the fact that I do nothing but AP chemistry and AP economics, I constantly think of stupid questions that are almost impossible to answer. So, maybe you could answer them for me, and if not then we can both wonder what the answers to these 15 questions could be.

Keep Reading... Show less
Entertainment

Most Epic Aurora Borealis Photos: October 2024

As if May wasn't enough, a truly spectacular Northern Lights show lit up the sky on Oct. 10, 2024

20919
stunning aurora borealis display over a forest of trees and lake
StableDiffusion

From sea to shining sea, the United States was uniquely positioned for an incredible Aurora Borealis display on Thursday, Oct. 10, 2024, going into Friday, Oct. 11.

It was the second time this year after an historic geomagnetic storm in May 2024. Those Northern Lights were visible in Europe and North America, just like this latest rendition.

Keep Reading... Show less
 silhouette of a woman on the beach at sunrise
StableDiffusion

Content warning: This article contains descriptions of suicide/suicidal thoughts.

When you are feeling down, please know that there are many reasons to keep living.

Keep Reading... Show less

Subscribe to Our Newsletter

Facebook Comments