What is the best way to bugdet money on a limited income?

Answer 1

I usually use an excel spread sheet. What I start with is my fixed bills such as rent, electricity, phone than I add in necessities such as food, gas, insurance. Than I see what I have left and save a percentage prior to taking bills out by direct deposit either from my check or from my checking account. Than what ever I have left is disposable income that I try to budget out for eating out, meals at work, entertainment, etc. This way I account for all of my money. I know that other people will actually divide up between accounts and envelopes money for every item. Once the money in a certain envelope is empty, you can no longer spend in that category until your next check comes in to refill it. Each person needs to find what works for them best.

Answer 2

Start by listing your currently income and expenses for the current month. Be absolutely honest, include food, pocket cash and entertainment. Make sure with each amount you include WHEN (on what day) you get income and WHEN (again mark the day) you spend. Use a calendar to help you create a running balance of the month.
You will be able to see a pattern once you know when and where your money is going. Now you will be able to adjust spending habits to fit your needs.
Or yahoo search 'unlending' to find free excel budgeting programs to help you on your way

Answer 3

Dave Ramsey's website has two different budget forms - both very good - that you can print out and fill in. The expenses are listed in the order they need to be paid, so if you get to a point where you still have expenses and have no money, you need to make some changes (either spend less or get another job, sell stuff, etc.)

See if the library has one of his books (either Financial Peace or Your Total Money Makeover). Both are excellent.

I know it's tough, but you need to make the tough choices and it will pay off in the long run. Best wishes!

Answer 4

First save a little bit each paycheck (as little as $5.00). Review (or know) where your money goes each month.

Eliminate frivolous spending, Make a list of all monthly debts such as rent/mortgage, food, utilities, credit card payments etc.

If your jobs offers partial salary direct deposit, sign up for it and deposit enough to cover all your expenses.
Then use the remaining money as discretionary income.

If you're spending more than you earn - you're up the creek without a paddle.

Answer 5

Make a list of the things you HAVE to pay for each month... rent, electric, car, car insurance, groceries, savings, then see what you have left. dont forget about taxes!

Answer 6

Budget, just like you said.