This summer, some of my goals were to organize my accounts and to create a new budget for myself. Since I changed households, I’ve had to make some major adjustments to my routine. I no longer am in charge of the household shopping, but I also no longer have to pay rent (for now). Clearly, this calls for a budget revamping.
Another change is my paycheck. Last year, I was getting a monthly check from my department for my graduate assistantship. This year, I won’t have an assistantship, but I do have a part-time job, on a 2-week pay cycle. However, last year, my rent ate up ALL of my paycheck, and I paid the rest of my expenses from loans. Now, thankfully, I am able to put some money away to grow an emergency fund.
I’m still figuring out the details, like what percentage I want to put into savings, what percentage I can donate, and how much I should have in my emergency fund. The uncertainty about what to do does hold me back a little, but at the same time, self-education and knowing I’m trying to do the financially smart thing keep me going!