This is part three in the series on going from University and into Ministry without debt, and it’s time to get into the fun stuff! Part one discusses thoughts on debt and money, while part two discusses our learning values and how those shape our perspectives. In part three, we will focus on gaining a slight understanding of a budget, and some of my favorite tips and techniques to have fun without spending too much of one’s hard earned cash.
Along with understanding one’s values for learning, there is also a need to understand one’s values when it comes to spending money. Money, in today’s world, is as the treasures of history past, and it seems indeed that where we spend the majority of our money is where our hearts will lie. If you already have a family, it is evident that necessary expenses will be the majority. But, for young adults and teens, the majority expenditure may well be in less essential areas.
Gifts and little “extras” were some of my favorite teen expenses, and journals and notebooks galore. Since I’m a writer now, it is little surprise that I loved blank books just as much as ones filled with stories to read. Audio books were another favorite expense, particularly in late fall and early winter when I anticipated the long evenings of December and January.
However, when seeking to avoid debt and succeed in paying one’s way through University, figuring out where one’s values lie is essential. You can make a thousand budgets, but if the budget does not align with your personal values it will go out the window in short order. I have always loved being frugal, and figuring out new ways to reuse and recycle used items, however I know that everyone is different and no one-size will every fit everyone. 
Budgeting Essentials:
Crafting a budget, whether temporary or just to see if you can manage on what you are earning or have saved, is a necessary step in making sure your spending is in line with your values. There are, literally, thousands of books, websites, and resources that can help you craft and stick to a budget. So, here I am just going to detail a few steps that helped me understand the art of budgeting, and the art of living within my means.
The first thing, before you start writing down expenses, is to write down your income or the savings you will be drawing on for that year. You can make a budget for a time shorter than a year, say for 6-8 months if you will be at home and have different expenses for those other months.
Once you have your income and savings recorded, start by writing down all fixed expenses. Fixed expenses are things like rent or anything you have a monthly contract for. Tuition can also be classed as a fixed expense. Then order your fixed expenses by size.
When I was going to University, the first charge in my budget was always the largest, the charge of university tuition and textbooks. In the average year, doing distance learning, my tuition and textbooks cost 4-5 thousand. While had I been on-campus the addition necessary for room and board would have easily added another 5-8+ thousand to the cost. As I was living at home and helping in lieu of rent, I had fewer expenses than may be considered average.
After your fixed and essential expenses are recorded, add down all other necessary expenses, aka your grocery bill, money for gas, and car expenses. Finally, as the last step in your budget, record either what you spent in the last year on “other” items, clothing, coffee, fast food or restaurant meals, going to the movies, buying video games, and anything else that you can remember. Try to not include restaurant meals with your grocery costs.
Now, add up your projected expenses and compare that to your income and savings. If the expenses are bigger than your income and savings, it would be time to re-evaluate and make some decisions.
The “other” category is likely to be the only place where you can trim your budget to fit your earnings and savings. Try to make sure to always keep a small surplus on hand, so that if your car breaks down or you have some other emergency there is something to help cover it.
However, it is also in the “other” category that there is room to have the most fun in keeping expenses down.
Playing the Budget Game: Finding Freebies
If you are anything like me, you like freebies. And with a little creativity you can find many freebies for your entertainment pleasure. You can also find many inexpensive entertainment options, which can give hours of entertainment for very little outlay.
Kindle Books:
If you enjoy reading, despite the heavy reading often required in university, and you have an Amazon account, you can have an unstinted time reading with a little creative searching. Authors offer their books for free, or at 99 cents, in the hopes of getting reviews. As new books, and new promotions, happen constantly there will always be a supply of inexpensive books. A few minutes searching your favorite genre categories can net a few interesting fiction or non-fiction books every day, or week. If you review the books you like, you may very well be contacted by same-genre authors to review their books when they are free too. The only challenge with this is that you can get overwhelmed by too many books (or at least in non-fiction, too many that did not get a second edit). As my Kindle will show, I have over 1000 books and only actually paid for maybe 15 of them – and several of the ones I got as freebies I have read multiple times because they are amazingly well-written books.
Also on Amazon:
If you happen to have Amazon Prime for Students, you can also get access to unlimited movie and video streaming – IF you are in the states. Also, the savings on Prime shipping can easily pay for the cost of the Prime membership when ordering textbooks online (and if you can get them, used textbooks rock for saving a pile of cash).
Elsewhere Online:
If you enjoy video games, you can always find free games online to try. When I entered university I started playing Lord of the Rings Online, since I’m a Lord of the Rings fan. The main thing that drew me to this game (and not, say, WoW), was that it was free to play to start, and the epics are completely free to play right up to level cap. Even with buying some of the expansions, I have probably only paid a few pennies per hour of time I spent de-stressing by killing orcs and chatting with friends.
Depending on your interest, you can probably find a free community somewhere online to join. For example, with writing one can join Wattpad and give and receive writing critique and comments, and have access to thousands of free books too. I have found several websites dedicated to fitness and healthy living, which include large communities of people who are happy to chat with and support your endeavours (my favorite is Sparkpeople).
Your Local Area:
Wherever you are, there are likely to be plenty of free events happening if you know how to find them. Some things that I have joined in on have been, write ins during NaNoWriMo, performances in the park, and library knit-ins by an informal knitting group. I have also, by volunteering as a door watcher, been able to see many local live performances. So, a little bit of creativity and offered time, can be well worth using to visit a live event.
Beware of False Economy:
While finding inexpensive and free things are half the fun of trying to live frugally, there are times when the inexpensive actually ends up costing more than if you had bought the more expensive option to begin with.
Examples of false economy include:
Buying cheap throwaway clothing that wears out in 3 months, instead buy higher quality and timeless styled clothing that will last for several years. This practice puts a burden on your wallet, and also on the landfill and natural resources. In the end, a 10$ pair of jeans that you have to buy 4 times a year costs more to your wallet, and to the environment, than a 30$ pair of jeans that you buy once and lasts a year or a year and a half.
Getting the cheapest possible oil for one’s car, or avoiding the mechanics for a tune-up, instead learn how to do some of your own tuning up and make sure to keep good quality oil and gas, and keep your tires properly inflated. Not only will keeping your car properly tuned up help with your mileage, but it will also help the vehicle last longer in general.
Buying cheap frozen food and pre-made dinners, instead buy in bulk and cook from scratch. While pre-fabricated dinners are tempting and seem inexpensive, these meals are often high in calories but low in nutrients. Cooking from scratch enables you to get food that is high in nutrients, and it nearly always works out cheaper than the pre-fabricated stuff, and tastier too.
Remembering to relax:
Your budget is not a rigid rule. It is more like a guideline. So, remember to relax and have fun. If you go a bit beyond what you intend one month, cut back a little the next. Sometimes, you do need to spend more than you planned in order to save money later on. Things like buying groceries in bulk and cooking from scratch have a high initial outlay, but they end up saving you money, and keeping you healthy, later on.
At the same time, eating out or buying pre-made dinners is fun, easy, and could be a very happy time-saver during exam and final paper season.
If some of these suggestions are ones that have not occurred to you already, take them and try them. If they fit for you, well and good, and if they don’t then you can adapt and see if they will work in another way.
Just remember, whether you are relaxed or uptight, that the answer is rarely (if ever) that more money is needed. It is usually that more money control is needed. So, if you find that you spend more when you use a credit card, or bank card, try drawing your spending money as cash for a few months and seeing if that helps give you a more visual representation of what you are spending.
One Final Tip:
One thing that I like to do, is to draw a small amount (20-30$) at the start of the month as extra (or mad) money. This money is what I use for those momentary “must have” snacks or drinks from the coffee shop. As long as I have that cash, I know I can indulge in an impulse buy. But, when I don’t have that cash any more I go back and ask “is it in the budget.” As I usually save some of it every month, there is often enough to go out for a meal, or to treat a friend to coffee and I do not feel that my budget is constraining, but instead it is freeing.
Back To You:
What tips and suggestions would you add? Do you have any favorite budgeting advice?
Leave a comment! I love hearing from you 🙂
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