I am sick of spontaneous money spending and having nothing at the end of the month! I am fond of planning and now want to stricken my finances under powerful budged system.
What can you suggest to start from? Perhaps some tips, concepts or even software (I have both Mac/Windows) that you know and ready to tell about?
I will be grateful for any advice or personal experience! Thanks!
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Personal Budget And Personal Finance In General, Where Should I Start?
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The best system I have found for a beginner is the envelope system. You first need to divide your expenses up and create an envelop for each of your spending categories. My categories are:
Rent
Electric
Cable/Internet
Gas
Groceries
Emergency
Savings
Rent, Electric, Cable, and Internet are all fixed prices each month. For example, electric is $50 and since I get paid biweekly before I spend any money when I get paid I put $25 in the electric envelope.
Now, Gas and Groceries are variable expenses meaning they are different each month always over estimate for these. I only use about 50 dollars in gas each month but I end up putting $100 into the envelop each month in case I want to take a trip or have to have an oil change.
All of the rest of your money should go into a savings account. Don’t touch this money unless there is an emergency, car breaks down or you break a bone. Any left over money from the envelopes should also go to savings.
Envelops can be added throughout the year for example in October you may want to add a Christmas envelop and start putting $20 into it each paycheck so you aren’t scraping when December comes.
Posted by gpcdon | June 29, 2009, 7:48 am1- Bills (house, car, insurance)
2- Savings (for rainy days)-anywhere from 10-50%
3-this could be two if your older-retirement fund
4-free money for fun
Posted by devinthe | June 29, 2009, 7:48 amThere’s a radio show called the Dave Ramsey show on the radio
around noon ct. Or go to Dave Ramsey .com
Posted by chris | June 29, 2009, 7:48 amactually i also have this kind of problem………… but now i am trying spend a little money 4 myself….. i only use it only if really2 important 4 me………… what if we both try 2 list out things that we very want it???
Posted by Outdoor Water Fountains | June 29, 2009, 7:48 amFirst of all, you must be resolved within yourself that this is what you really want to do. If you are not, then no software or any other type of program will do it for you. Start by keeping receipts of all your payments, and once a week or so, sit down and review what you have spent your money on during the past week. Then decide which expenditures were really necessary, then resolve to reduce or eliminate the unnecessary ones. Cut up your credit cards, save for maybe one that requires you to have money already in the account; sort of like a debit card. Whenever possible, pay for everything in cash. Pay off all your debts as reasonably fast as possible. If you work for a company that has a 401k plan, then start now to participate in it, even if you can only set aside a small amount, as then you will get into the habit of saving and seeing your savings grow over time, and this should give you a good feeling.
Posted by Bathroom Safety Products | June 29, 2009, 7:48 am