How to Live Pay Check to Pay Check

Document created by colinc on Nov 12, 2015Last modified by on Dec 5, 2016
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Being a Full-Time Student and a Part-Time Work-Study worker, it's difficult to find the free time you want, so you can work and help save-up money for future cost. Between classes, homework, working events, I'm only able to work 10 hours in a week, and with pay periods bi-weekly, pay checks are worth a 20 hour work session. The best way possible to make the best of you pay check is to divide it up into three sections, Travel/Gas, Food and Fun/Emergency. One of the best ways to help you know what money is what, label 3 envelopes with those title's so you know where you're money is going. Or if you like to be color coded use paper-clips, piggy-banks nor what ever you may like. As well, always keep track of how much money you have. Write whats going in and what ever you are taking out, it's important to know what you have to spend rather than going over.   Let's be honest here, paying the amount that we do for gas is no fun, but for most of us it's the way we travel to and from work and where ever we may need to go. A tank a gas usually goes for 20$ - 50$ depending on your vehicle. Important factors are how far you travel for work, how big your gas tank is, what your pay is and what are your other expenses. Sometimes it's just best to put in 10$ just to get that little umph you need to where ever you maybe traveling to. Then there are those who rely on public transportation i.e: bus, cab/taxi, carpooling, but with those you can get high expenses with the distance you may have to travel to.Food, let's face it, we need food to survive. We need to take in our vitamins and minerals for the energy we need to "operate" each day. Healthy and organic food cost a lot and can put a burden in your pocket, that's why most of us take short cakes and pick up fast food items and pre-made foods at the grocery store, to help have a little extra money. Fun/Emergency: maybe during a weekend you have off your friends invite you to go camping and you haven't had a vacation in quite awhile and you have fun with friends. You're able to help pitch in for the site fees, pick up some food and beverages, and enjoy a nice weekend. Or say you get ill and need to go to the hospital, your insurance can't cover all of it but thankfully you have spare money to pay off the rest of the medical bill.


Recently in one of my classes we went to Montreal, Quebec, Canada. I had two paychecks left before we went, with the money I put into Travel/Gas I was able to upgrade my license to an Enhanced License to cross the boarder. It was only 40$, but thankfully I had the money on hand. With Fun/Emergency I was putting in 100$ from those two paychecks on reserve and what spare money I had in my wallet to be able to enjoy the night life and amazing opportunity we had to be their having fun while also trying new things. With having they way I managed my money I only spent about 125$, now-a-days that's considered a lot, but it was so worth it.


So far with managing my money like this, I have been able to do things that I have never been able to do before and pay off bills that i was worried about. An important life lesson to learn is how to manage your money in a well organize manner. Some of us may not learn this until it's too late, it's important to know where your money is going so you can keep track of what money you have left over.