Need Help Budgeting...

[SMusser]

I have looked at a lot of the budget applications out there, and I really do not like any of them. Does anyone have any suggestions for programs or a system that you use? I really need to start budgeting my money a little better, but I need help, so any suggestions would be appreciated!

[JC'szx2]

work two jobs you'll never have time to spend all of your money

[SMusser]

Already doing that haha. Now I just want to get my finances in order.

[1981gMachine]

I work two jobs as well. Job A figure out an average take home weekly. Knock $10 off of this total. Then times it by 52. Do the same for job B.

Job A : Weekly take home $400 - $10 = $390 x 52 = $20,280
Job B: Weekly take home $200 - $10 = $190 x 52 = $9,880

Total = $30,160 divide by 12 = $2,513.34

So figure $2,500 is monthly what you have to spend. Some months you'll have a lil less and others you will have more. Depending on number of pay days.


Now, figure out your monthly bills and make them into a list.

- Rent $800
- Home Gas $50
- Electric Bill $150
* Gas and electric even themselves out during the year. Use one during winter and the other during summer.
- Food $250
- Car Payment $200
- Car Insurance $90
- Gas for car $75
- Student Loan $200
- Personal Loan $100

Bill Total = $1915

So Income total minus Bill total leaves you with $585

Now you can choose to save this money for a house, car, etc.. or pay extra on you loans, car payment so they get paid off quicker. Which if you pay them off, then that frees up more money.

If you pay insurance every 6 months take that total and divide by 6 for monthly.


Figures are just made up to make a point. This is what I do, I don't have as many bills thou. So out of the money to have leftover, it's up to you to use it wisely. Writing everything down only shows you what's going on, you yourself have to make the choice.

Hope this helps, keeps me square and the gf under control.

[SoCalZX2]

Well, I personally use a zero based budget. Meaning Income - outgo = zero. You take what your net monthly budget is, take care of necessities first (here you can decide to pay yourself first... I.E. savings) (Food, Rent, Utilities, Transportation). Then you move on to debts (If you're like me, you'll want to have zero debt 'but my wife and I are in the minority :p). Then move on to other items like blow money, entertainment money etc...

Just make sure that your income - outgo = zero and then stick to your budget. My wife and I use an excel spreadsheet that I made to do our bi-weekly budget on. Budgeting is only good if you stick to it. So I commend you for having the knowledge that you need a budget to make your money work for you... but if you write it all down... and than don't use it, what was the point?

[koihoshi]

Microsoft Money.

It is simply amazing. It will show you when you get paid, time in-between bills, flexibility, help you set goals for saving. you can even have it log INTO your bank FOR you and have it watch your finances and alert you of things. Very very very cool.

PM me if you'd like some help, i'm excellent with my finances :)

[SoCalZX2]

Quicken does the same thing if you don't want MS Money :p

I just don't have it that integrated... lol

[zxtwou2]

i use Quicken religiously. i went from living my next paycheck ahead of time (direct deposit advancing the WHOLE time i was in the USCG)...to living with a few hundred, sometimes a thousand or two extra in the bank. what it helped me with is seeing how much i'll have in the future to spend. i was really bad at spending money if i had it...then needing it later. with quicken, i can jump a month or two ahead of time, see on a bar graph when i'll have the least amount...and work with that...because i'll know the rest of the moeny i have in the bank at the time is already going to something.

[JonsZX2SR]

Regardless of what software or accounting method you use, you need to include a line item for planned savings. Start with 10% of take home pay. If you cannot do 10% then do 5%. If you think you cannot do 5%, then find stuff you don't really need and cut those out of the monthly spending to save the 5%.

These savings shouldn't be optional and should never be used for casual purchases. Primarlity the goal is to build discipline. If you develop that discipline, the savings will follow.

When you start to get a significant balance in the savings account, that money can be used for emergencies or PLANNED big ticket items, recognizing that you also want to maintain a PLANNED minimum savings balance.

After you've been saving for 1-2 years the PLANNED minimum balance should be at least 4 months income (of both people if both work.) the idea is to create a buffer that isn't used for anything else.

When emergencies or big ticket PLANNED items come along, learn to take from the saving but always maintain the monthly contribution. That way the monthly inflow to the account is a steady stream. When raises, bonuses or income come along add a proportionate amount to the account.

If you develop discipline and continue to do this the rest of your life you will find you have a comfortable nest egg. the trick is to get started when you are young.

[jbrone]

Lots of free advice on www.crown.org