Money $ Money $ Money $

We've all heard the clichés about money: Money doesn't grow on trees, money doesn't make you happy etc. The reality is, money makes life comfortable. Whether you work part time whilst studying, collect an allowance or work full time, you can make your money work for you!

Planning a budget sounds like a major drag, but it's the first step toward determining where your financial priorities lie. You can create your own budget in five easy steps:

1. List your total income, including any savings you have, your allowance or wages.
   
   
2. Next list all your expenses. Include all your bills, luxury items (such as magazines, CD's, makeup, hairdresser), recreation, transportation, clothing, personal hygiene products etc. Add all expenses for total.
   
   
3. Subtract expenses from income. The amount left over is the amount you can afford to save.
   
   
4. If the expenses outweigh the income, trim your expenses until the numbers balance, ie, reduce the amount of money you spend on eating out, clothing or at the beautician.
   
   
5. Your budget should include a savings strategy. Make regular deposits into a savings account for future expenditures (eg a car, holiday, moving out of home, emergencies).
   
   

If you're a lazy girl (like me!) who prefers instant gratification, the web has some fantastic budget calculators to do the hard work for you:

http://polaris.umuc.edu/~jzimmerm/project/budget/budget1.html
http://www.miserlymoms.com/MOMbudget.htm

To stretch your cash, assess which areas of your lifestyle can be trimmed. Walk, rollerblade or bike ride to your destination, saving cash and getting fit! Use home waxing and hair colouring kits for a fraction of the cost - they're just as effective.

Babysitting, dog walking and ironing are small jobs busy people are happy to pay a responsible person to do. Consider tutoring if you're an outstanding student. Post a notice on your community / School noticeboard or advertise in community newspapers.

Form good saving habits now and you'll be grateful in later life. There's nothing more liberating and empowering than being able to manage your own money and treat yourself when the urge strikes.


- Rachael