Friday, January 14, 2011

The Power of Social Influence

The title may or may not be a correct application of what I am about to say, but this isn't Academia, this is for my leisure. Anyways, I was reading on CNN about this girl who went on a spending freeze for the entire year of 2010 and managed to save $18,000. Granted, she works full-time, and I only work part-time and am a student, but I think I will try to do that as well. Starting next month though. I have plans for this month that I can't back out of right now, and I will not be as strict. Being only 20 years old means I need to enjoy some things. Such as dates with my girlfriend, and  the occasional leisure activity, which is mostly covered up by my subscription to World of Warcraft.

Being a student today means that you have loads of student loan debt, and I am dealing with $15,000 right now, I think. I think, that shows how bad this is. And the worst part of it is, I will keep accruing this debt for many more years to come. I am going for a Ph.D in Clinical Psychology, and I am not even a Junior in my Undergraduate degree. I have a long ways to go.

Luckily though, I have been using a budgeting system for several months now called Mint. This thing is amazing. I set up how much I want to spend on certain categories, such as fast food dining, and regular dining, clothing, and entertainment, and then it tracks my progress by reading my bank accounts for whenever I spend money. Because of this I have managed to put a lot more money into my savings account, and am able to watch what I spend and on what I spend it on.

This spending freeze is going to suck, but I think if I keep up with it, with very few slip-ups I'll be in a great position to keep my debt low. At least I hope anyways.

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