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Justa Guy | How do you set a budget and stick to it? |
It's really struck me recently that I spend a lot of money on things that I don't really need and I want to change. I earn a fantastic salary and would rather be saving a substantial amount of that money than just spending it on thigs for the sake of it!
My partner suggested that I work out the abosulte minimum that I need to get by for the week and stick to it, for example if I needed £100 for bills and food and everything with a little something extra for a treat then I should stick to that sort of budget.
What do you think? |
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Cherry
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Personally I would leave myself with a little extra as there is always something that crops up! What I do is have a separate account which all my bills come off via Direct Debit, I have a spreadsheet that shows everything I have to pay for over a year and then divide by 12 so I knowo how much I need to put in that account each month (this helps me budget to pay for annual costs such as car and home insurance etc), then when my salary comes in, I have a standing order which takes this amount straight out into my 'bills' account. I also have a savings accout setup, so that a set amount goes into that every month again by standing order, so then I am only left with the money I have set myself to get though the month.
The thing is, you have to give yourself enough to actually get though the month and accept that you will spend some money on clothes and going out etc, so make sure you are left with enough or you will just dip into the savings and once you start dipping in you will find you keep doing it.
You could even set up more than one savings account and mentally assign them to something special you want to save for, e.g. one for Christmas, one for holidays, one for house / family etc.
Good luck, I think it's great that you are making an effort to do this. |
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☆☆blah☆☆
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you pay the bills first of all.
then you each take out $20 (or whatever) each week and that is your spending money. If you want something that costs more, you gotta save your own allowance for it!!!! |
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El Mexicano
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Having self discipline which I do no have that's why those things do no work for me. |
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Heather C
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Figure out how much for each on your bills, including incidentals like food, gass and entertainment. Put each amount in a seperately labeled envelope. Only carry with you the envelopes you need. It will keep you from over spending and you will no exactly how much you have left in each of your pots of money at all times. |
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K B
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If you get paid monthly then sit down with pen and paper and calculator (or make a spreadsheet). List out your take home pay, then list all the essential monthly bills, including food and household essentials. Take the outgoings figure away from the take home salary figure. What you are left with is your monthly disposable income. Decide how much of that you would like to save and set up a monthly standing order into a savings account on the day you get paid, then you won't ever even miss it.
Whatever you have left after that, divide it by the number of weeks in the month and draw it out in cash once a week. Leave all your plastic at home so that once that weekly cash is gone, you don't buy anything else until next week. If you find you need more or less to get by on, just adjust the amount you save until it works right for you.
In short, using cash is the simplest way. Plastic is the easy way to lose track of your spending. |
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Patricia B
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www.ehow.com/how_2250476_make-a-budget.h... |
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M
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First, decide how much you want to save every month or out of every check. I find that putting your savings separate from your spending money helps alot, whether you open a new bank account or put it in a different location. I also find that when I keep myself busy doing other things and staying away from the mall and shopping centers, I obviously dont spend money. Maybe choose one day or night to have an outing, but keep it within a set amount you think is reasonable. I wouldnt start out doing the bare minumum, but rather see what is comfortable for you. You should have a little fun with your money! |
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jencanadian
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You need to make an actual budget as to how you are going to spend your money.
Your partner is saying budget only a percentage of what you make, but you should plan on what to do with the rest.
Make a list, and separate you money accordingly.
Don't forget to start saving for retirement early, because you will get more interest that way. Then if you are ever stuck, at least you will have a good nest egg started if you have to stop payments temporarily.
Create an emergency fund - put aside enough money to last you 6 months, in case you ever lose your job.
Get life insurance, so your partner doesn't get screwed if you pass on. (Not that we wish it, but you must be prepared - widows starve because their partners do not plan)
Put money aside for gifts. Don't get caught at Christmas!
Start saving for a down payment on a house, or put more money on your principle for your mortgage. You will save money doing either of these.
Budget for a trip or something fun you want to have. You need to reward yourself.
This way you can see where all your money goes, how it is working for you, and what rewards you will get for doing it.
You can use a spreadsheet for this kind of thing. Here are some sites that have useful ones: |
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ANF
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The best way is first to have an idea of what your budget should be, it must be realistic. Then make all the rest of your money unavailable for immediate use. Take it out of your current or checking account and transfer it every month by Direct Debit into a savings account that does not have a cash card or ATM access. You wil start to find that you are building up a lot of savings and take great joy in seeing it grow fast and steady. I did this for many years when earning good money as a self employed tradesman. I was able to pay tax etc without pain and built up a nice nest egg for when I retired. |
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Chloe T
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Def stick to it...my boyfriend and I do it b/c we have to we have almost no money and are BARELY scrapping by...when we do have extra money we usually end up needing if for emergencies...but yeah see how much u need for bills...make a grocery list see how much u'll need for that and then whatever else u need like if ur a smoker or whatever..and then save the rest then every now and then go out and have fun or buy clothes or whatever you want but don't go crazy spend like 100 or so. I dunno about you, but once I start saving I get addicted i know it sounds crazy..but i'll be excited about the money i have saved and start cutting way down on food and other stuff and start saving a ton more. |
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[Stacy]
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budget? what is this word you call budget? |
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