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Money This forum is for support with financial issues.

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I don't know how to budget D: - December 27th 2011, 05:20 PM

Er help?

How do I budget? What would a good budget look like?
I have no job to have money to start learning how to budget in the first place.


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Re: I don't know how to budget D: - December 27th 2011, 06:09 PM

Keep a check book for your cash. Only buy things you NEED or that you have planned to get. Be sure you have enough money for any emergencies. Like for gas, or in case of a milk emergency. Lol. Best of Luck!
   
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Re: I don't know how to budget D: - December 27th 2011, 06:11 PM

I agree, I would buy a notebook and just write down the things you buy and subtract from your total so you can see how much money you have left. I always try and stay above $20, so maybe set a goal like that for yourself too. And as Anette said, only buy things that you really need, not just want. If you have some extra spending money, then go ahead and splurge every once in awhile, but not too often.


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Re: I don't know how to budget D: - December 28th 2011, 06:02 AM

If you don't have any source of money coming in, it's pretty much impossible to try to budget. To budget you need an idea of how much money is coming in and how much you're spending. Do you have an allowance or some other form of income that isn't a job? If so, I'm going to go through roughly how I set up my budget:

-Pick a time frame (monthly, weekly, etc. I tend to budget for two week periods just because it happens to be my pay period) and figure out exactly how much money you have for that time frame. Roughly 700 after taxes are deducted for me, let's just use that as an example.. but this would work as well if you had a 30 dollar allowance or knew you were going to make 75 dollars baby sitting, etc.
-Next step is figuring out your fixed expenses - things that you have no choice about spending money on - this might be gas if you drive, rent, a gym pass, etc. You're 16, so you probably don't have too many of these which is awesome! Mine come to about 400 every two weeks when I divide it into two monthly sections. That means I have 300 dollars left to spend how I choose.
-From there I like to pick a round amount to put in my savings account. Now it's usually 100-150 a month, but at various times it's been anywhere from 50-400 depending on my fixed expenses. I think it's really important to make sure you're putting a good chunk of money in savings. I don't know if you have a bank account, but I've set mine up so that I only really 'use' one of the two accounts, and the other is just for emergencies. By not touching my savings, I manage to travel a few times a year. But savings could be applied to any other big purchase instead over time (or even university considering you're probably starting to think about postsecondary).
-That leaves you with a chunk of money for spending that you can use however you like, food, clothes, music, what-have-you, and whatever you don't use at the end of your time frame carries over to the next one.

Hope that helps a bit... everybody manages their money differently, especially depending on their life situation (living at home, renting, being a student, having a FT job, etc), but that's roughly how I manage and it seems to work out quite well.
   
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Re: I don't know how to budget D: - December 28th 2011, 10:38 AM

I think Jas gave you some really good advice here. What I try to do is planning it all out waaaay in advance. My money comes every three months, so every three months BEFORE the money comes through I plan it out. I work out how much I need to put aside for rent, bills, and other unavoidable costs (e.g. costs of travelling to university etc.). Then I try to work out how much I'm going to spend on food (but always give yourself a little more than you think you'll actually need, just so you can relax about it later). And if there's anything left I just spend it on whatever else I want. But careful cause this is where I always go wrong - I always end up spending more on clothes etc. than I'm supposed to. It's not easy to budget, but you can only learn through practice.




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Re: I don't know how to budget D: - December 29th 2011, 08:41 PM

I don't have any source of income what i have right now is only from christmas. I've been trying to get a job or whatever other source of income but I haven't been have luck.

and yes i have a bank account i wanted to do that but the bank lady wont let me open a savings account be as a student i collect more interest in cheqing (i cant spell this word for the life of me) account


The world ain't all sunshine and rainbows.
It is a very mean and nasty place and it will beat you to your knees and keep you there permanently if you let it.
You, me, or nobody is gonna hit as hard as life. But it ain't how hard you hit; it's about how hard you can get hit, and keep moving forward.
How much you can take, and keep moving forward.
PM me if you need to talk about ANYTHING.
   
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Re: I don't know how to budget D: - January 11th 2012, 07:56 PM

Sounds to me like your jumping ahead of yourself. You need to worry about getting a job first. Because the most important part of a budget, is your income. actually, if I had to define a Budget in my own words, I would say "Comparing your income to your expenses in a certain time period" You, thus have no income, I'd get working on that first.


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Re: I don't know how to budget D: - January 14th 2012, 03:15 PM

Quote:
Originally Posted by ff.picc View Post
Sounds to me like your jumping ahead of yourself. You need to worry about getting a job first. Because the most important part of a budget, is your income. actually, if I had to define a Budget in my own words, I would say "Comparing your income to your expenses in a certain time period" You, thus have no income, I'd get working on that first.
I couldn't agree more.
   
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Re: I don't know how to budget D: - January 14th 2012, 04:00 PM

I took personal finance my senior year of High School, and we made some budgets. Here's a picture of mine (I wish you could file share here!)

My budget is for myself and my boyfriend, as we are moving in together in a few months, but you'll at least have a template to start






Hope this helps



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