How To Be A Person: Financial Edition–Basic Saving and Spending


Stacks on stacks on stacks.

I know Wiggleground’s coffee is the best, and sometimes you just need a Down & Out in Gambier from the Deli. Not to mention those fur-lined Sorels would look great with your knee-length overcoat, but hold on, you didn’t bust your ass this summer just to spend all your money on food and clothes (if you really think you did or don’t need/want more money, stop reading and click here). Here are a few tips to make the most of your limited cash.

Track your spending

Let’s start with the basics. The best way to keep track of your money is to keep a detailed budget. It may seem silly, but sometimes just writing down “Coffee $2” each day lets you see how much money you are actually spending on coffee, as opposed to just swiping your card and forgetting about it. At the beginning of each month outline a simple budget with predicted expenses and earnings. Then keep track of what you end up earning and spending. Review this at the end of the month and look for ways to save money in the future.

Manage your bank accounts

A savings account is a great place to start. Unfortunately interest rates are at less than 1% right now and so while having a saving account won’t enrich, it is a good place to keep a good portion of your money as it is insured and easy to access. A checking account with a debit card is also a safe bet. This allows for easy access to your money and the ability to get cash late at night or on holidays. I recommend opening an account at The People’s Bank. That way when you need cash you won’t have to pay an ATM fee. Getting cash at an ATM not owned by your bank is expensive, but if you have to do it, get more cash. Think of it this way, if you take out $20 and have to pay a $4 fee, you lose 20% of what you just took out, if you take out $100, you only lose 4%.

Get a credit card

Be careful with this one cause we all know what happens when you run up too much debt, Ted Cruz talks at you for 22 hours. But in all seriousness having a credit card can help you build up a line of credit that will come in handy over the next decade or so as you take out larger loans for cars and houses. I suggest getting an introductory card and making one small charge per month, and then paying the bill off in full each month, DO NOT just pay off the minimum.

There you go Kenyon. I hope you heed this advice, but if you decide to blow all your money on the iPhone 5s I won’t judge you. Somebody has to keep the economy moving while the government is shut down. Next week I’ll be going over easy investment tips to make your money work for you.

Disclaimer: The Thrill takes no responsibility for any money lost by following these suggestions. These are guidelines and should not be taken as gospel. This post was written by an aspiring economics major, not a licensed professional. 

5 responses

  1. Economics is just a theory! A Construct! Money doesn’t exist! It’s only Paper! It’s just Paper! Why must we torture ourselves? Why must we live this way? Causing ourselves endless pain! Burn it! Burn it! Burn it! Burn it! It’s just Paper! Nothing Real! Real Nothing! Reanothing! Nothingrea! Grealthino! Noithalreg! Nothing Real! Paper! Paper! Burn it! Burn it before it kills us all!

  2. Pingback: How to be a Person: Financial Edition–Investing | The Thrill

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