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Jennifer R | I make about $1200 a month and I live at home, but rarely have any money to spend. Any Tips? |
Hello, I'm 20 and I live with my mom and I make about $1200 a month and I really want to save up some cash so I can buy a used car and move out of my mom's apartment and also go to college. I'll go ahead and list my Monthly expenses below:
Storage Rent: $97.00
Gas: $ 250
Credit Cards:$200
Netflix: $17.00
Car Insurance: $60.00
Fast Food/ Resturants: $300
Cell Phone:$35
I should still have about $240 left over a month, but I never do. I would also like any ideas on how to make quick and easy food, so I don't spend so much money eating out. I was also curious if I could get financial Aid if I make $1,200 a month working. Also do you think a part time job could help me reach my goals quicker? Please send me any tips and web sites that may help me out. I really need to get a grip of my money. Thanks =) |
 |
 
latj
|
I have an Masters in Finance....I immediately noticed you are spending immediately spending way tooooooo much on fast food/resturants. Buy yourself some food and eat at home. If you want to same some money this is the first category this is your choice. Why do you spend so much money in the category? You can eat sandwiches at home and be fine. IF you REALLY WANT to save money you have TO GIVE up the FINE LIFE!!! All what do you have in storage? Either sell part of it or something. How long are you going to live with your Mother? You are spending too much on storage. You could buy new things later. You are not looking at long term funds, you are looking at month to month. You need to look at long term. I think you need to put yourself at a SERIOUS long term goal and go for it. You will NEVER reach it. GIve up the silly things like Netflix, it is not important. Watch movies at friends houses. Plus, you are paying $200 a month for credit cards, call your credit cards company and see if you can get you debt or interest lowered. Right now most credit card companies are working with people just to get debts paid. You could easily get your payments debts cut in half. You need to cut back at every corner. YOU ARE WASTING MONEY LEFT AND RIGHT and I think you know it. Storage needs to go, Netflix needs to go, Fast food needs to go....you are not dumb....get it together.....it may hurt, but you can do it... and then you will out from under MOMMA!!! You could easily get a second job, it won't kill you and is the only solution to your lifestyle. You need to do something. Either that or start looking for a better FULL TIME JOB!!! $1200 a month is NOT ENOUGH, set your sights higher!!! Plus you also forgot something that is SOOOOOO important...you left NOTHING out for your parents....0$...you need to find a job where you can at least give them something...or work the money you have where you can at LEAST GIVE THEM $400.....that is the LEAST..please use the scale I gave you and redo your financial life...you can do it. Even if you have to look for a new job, keep your current job until you find something more promising...but REMEMBER YOUR PARENTS.... |
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skycat
 |
1,200 is not enough to live outside the house. Take $300 right off the top and give it to your parents. Accept that you only have $800. a month, pack a lunch and eat dinner at home. Ask you parents if they have room for your storage. Seek financial aid and you have got to go to school or else it will be low income forever. Remember the most important is taking responsibility while living at home. There is nothing wrong with it when you contribute to the household. Good Luck. |
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Hey
 |
Stop eating out so much... Eat oatmeal and eggs for breakfast, a sandwich for lunch and whatever your mom eats for dinner. |
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Destined
|
to save money you can do several things:
1) get rid of the storage (unless there is not room for it)
2) get a bus card it is always cheaper to ride the bus
3) no more fastfood/restuarants
the rest you will need to build credit to get and apt/home and to get work...
About financial aid, I believe you are making too much, if you are meaning, welfare, you will have to go to your local government and find out. Best part time job, is the job that interests YOU, and pays a minimum of 10 dollars an hour.
Buy a quick recipe book from your local bookseller. Or simply search under quick recipes or quick and easy recipes. If you follow the aforementioned you can save an extra 300-500 dollars a month |
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$so fresh so clean$
|
Pay off credit card debt or get rid of them. You're paying interest for a card that you could easily buy things with a debit card. Credit cards are a ripoff to me. Netflix is not a necessity. Eat at home more like the other dude said. Since you live at home without a water, light, cable, and rent bill, why not work another job? More money, more to save. Makes sense to me. |
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Merryberry
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Get rid of the credit cards if at all possible and quit eating out so much. That's a little ridiculous. |
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Elora Maria
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stop eating out
wow-$300
that is insane
if u live at home then eat at home
I'm sure u can do without netflix too |
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Anita B
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Keep track of your other expenses, as well. Small purchases add up, so find a trend (maybe coffee or something that's $1 or $2 daily) and cut it out of your day. |
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Nikolas M
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You list seven categories of expenses but most people's expenditures don't fall into only seven categories. Track your spending by HOLDING ON to your receipt for EVERYTHING you buy and every week or so, put the purchases from those receipts into a ledger. You will be able to see where every penny is going and will have a good idea of how to reach your savings goals. |
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Andrew
 |
cut the netflix. go online and watch movies. they might not always be the best but its free. google -watch movies online. |
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SearVogel
|
car insurance = no car ? net flix = free at library ? $ 300 fast food = large body ? storage = sell and buy when you have own place ? join military = government pays all your school while giving you room and board away from momma ? give momma your credit card (s) = you cant spend money you dont have ? |
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Melissa❤
 |
you need those money for the bills or donate it to the charity |
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kcini8
|
I don't think you qualify for financial aid, I think food is an area you could cut down on if you eat at home. A part time job maybe delivering pizzas at night may be helpful, they earn pretty good tips. I hope this helps. Good luck. |
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Rachelle
|
A part time job would be a great start. But also cutting corners, like the storage, what are you storing? If you are planning on saving up for a car to move out, why are you paying for car insurance?? $17 for netflix is a little costly, and can't really tell you to cut down on the food and gas prices now days, but make shorter trips and eat cheaper. You will need to cut corner if you're already spending all your money when you will have rent, utilities, etc. on top of that all when you get your own place! Think ahead! |
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disen87
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First off, you're spending way too much on eating out...that's a luxury you're trading off having money. Second, you need to write down everything you spend money on...that 240 doesn't just disappear...keep track of it so you know...its probably going to things that are both necessary and not...I don't see stuff you do with friends (unless its all restaurants), clothes, etc. That money is almost a 1/4 of your income and needs to be figured out! Some other details are important...where are you living? NY would cost that much alone for an apartment...Tucson on the other hand would be doable. What school are you going to and how much is their tuition? Can you swing more work which would equal more income and still manage to pass school? You are paying for gas and insurance now...do you already have a car? With your limited income, you may need to make a choice between getting a car (you need to save up for that and have money for repairs) or an apartment (again you usually need a 2+ month initial deposit plus money every month for electricity, water, food, etc. nevermind furniture possibly). I would recommend you figure out where your money is going, give up almost all luxuries, save save save and go with one thing at a time. The best thing to do..above anything else...is avoid credit card debt...school loans are better but you still have to pay them in the end. Apply for financial aid if you haven't yet! Good luck! |
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