 Debt Advice - loans? |
I need some advice!
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Pro or con, I'd like to have your comments.
Additional Details
If you agree with someone elses answer, let me know that too.
T... |
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 What cn i do to earn money? |
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I would rather not do any ... |
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lyzziereed19 | How can i manage my budget better? |
i am 19 years old and i am engaged getting married in november and i handle the finances in the relationship i find it hard to save money. i try to save but there seems to ALWAYS be SOMETHING i HAVE to pay or get for my home. we always end up living paycheck to paycheck but when i do my budget list we always have extra money. but still by the end of the month there is nothing left. any serious tips on how i can budget or save. i am trying to save for a wedding and for hurricane season. |
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dh1977
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One way I learned to make a budget was to save every receipt from everything I bought for one month, right down to fast food and gas. You may be suprised at what you spend money on. A little here and a little there adds up fast. Do that for a month and you can better write a budget for yourself. |
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dsrikump
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The first thing you need to do is sit down and figure out what your expenses are. What are the bills you *have* to pay:
rent
electric bill
food
gas
car payment
These are all non-discretionary bills
Then subtract your total monthly non-discretionary spending from your total monthly income, this number is what you can use on discretionary spending. Then agree on a personal spending allowance (play money) for each of you that you can spend each month. This can be used on food too. You can calculate how much money is the minimum you can spend on food and exist and then set up a discretionary food budget for when you want to splurge and eat out.
The link below is a great link to an excel spreadsheet that helps you calculate this. Just plug in the numbers and it does the rest!
Also try to do all your banking online so that you'll immediately see your balance change rather than waiting for the check to clear. |
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big ed
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What worked for me at your age was to write out a monthly budget for a 6 month to 12 month period. I listed all the payments I had to make and the monthly date that each was due, noting the dates on which I got paid & amount I was paid. Important to include all expenses like groceries, gas, entertainment, etc.
I also set up savings accounts through payroll deduction. That way the savings was automatic before I received my pay check...insuring that I would a least save a little each pay perior. Also, when I was fortunate to receive a pay raise, I would take a small percentage of the raise and increase my pay roll deductions for my savings account.
Just getting in the habit of saving a little each pay period seems to help. Good Luck. |
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cordefr
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You say "there seems to ALWAYS be SOMETHING i HAVE to pay".
This means something unforeseen, I suppose.
Make a list, going back six months or better a whole year, of all the bills you have to pay. Put them in categories, like Rent and House charges, Food, Clothing, Fun and Play, Maintenance, etc.
Try to find a dozen different categories and estimate the monthly cost for each of them. Some of these are uncompressible, like the rent. Others like Clothing are highly variable and can be postponed if necessary. List the items in order of urgency. Add also the item Savings.
Now attribute a budget to each category, starting with the most urgent. Try to reduce on the not so urgent ones and stay within the total money available.
The result is a more realistic budget.
In the future:
- write down every expense and compare with the budget
- start saving money by shopping selectively, buying only things on a shopping list you made in advance. Plan food trips using advertisements, promotions. Buy one more of promoted items that are stockable.
- pay of credit card debts. Their interest rates are too high.
- try to gradually reduce some budget items to liberate money for savings. Treat the Savings Item as any other item, i.e. don't reduce it to make ends meet.
- make it a challenge to stay inside to budget. Put a prize of staying within the budget (like a candle light dinner at home, a trip to the cinema), punish yourself if you don't (no television for a week, not buying the clothes item you wanted...)
Good luck. |
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lorraine22409
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what i done is made a list of anything i own out in detail like rent gas elect TV phone wedding holiday etc even my out standing debts had a name i then put the min weekly figure by it. i got all my money in my hand sat down and said right this is for this and that for that. i then go out with that monthly only and paid the bills what was left was mine to send. i also use different accounts for my mouth bills and dds <as i work on a weekly budget> so when the bill comes in the money in the bank <different to what my money goes into from work/benefits> i also have a bank were i put a little in for this like a Holiday/wedding. i put my credit card in a bag of water in the freezer so it hard to get at it but it there if something came up like my fridge freezer of TV went. not all method work for all people but this on works for me good luck |
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akamoonpie
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Eat out less! It's crazy how much we spend on fast food, snacks, cokes, dinners, ect. You could easily save a good 200 bucks a month by cutting back on that. |
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bunis46
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Along with what everyone has said, plan out a budget, then automatically add 10% for extranious expences each month. These are 1 time deals over the year, but each month you will probably have one (car insurance, other insurance, doctors visit, glasses, etc.) I have found that when I budget, I am almost always off, and this was the easiest way to counter that. |
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aranzedo
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pay yourself first... spending 90% or 100% it's almost the same... 10% each month will do the trick... good luck... |
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freebird
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be more practical when you do your budgeting. maybe you are allocating lower costs to your expenses than you actually end up doing. in this way, with a more realistic budget, you will know where to squeeze and what to drop altogether from your budget. also keep a 'misc account' for the usual unbudgeted/unplanned expenses that are bound to happen. i hope this way you will be able to actually save something for your special occasion....good luck! |
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toogood
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Stay in |
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kristy
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simplify your life, desire less things, live simple.
no one says u cant have entertaiment, spend on a nice dinner...just do everthing moderately. |
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