anyone have any good saving and or budget tips for me?

Question

I'm 23 and moving out of home for the 1st time with my boyfriend. i'm not on a great wage, he's on good wage. but the rent is high. can anyone give me some tips on how we can budget? thanks

Answer 1

You have gotten some very good tips here. Common sense will go a long way.

Avoid credit cards. Buy lunch meat from the deli instead of the pre-packaged, per pound there is a HUGE savings. Buy whole turkey. You can eat many meals (including soup) from one turkey. Walk if you can, or take the bus. Do full loads of laundry.

Enjoy your first place!

Answer 2

Consider moving to a place with lower rent. Plan some "fun" money into your budget. Even if it is only to go out for ice cream once a week or a movie once a month. Plan your meals for an entire week, including snacks. Make a list and stick to it. Shop only once. Every time you go to the store, you end up buying things not on the list. Before making a purchase of anything over $5 (or another figure you choose), ask yourself 3 questions 1) Do I really love it? 2) Do I have a place for it? 3) Are all my bills and financial responsibilities paid? If you can't answer "yes" to all 3 then leave the item at the store. Always put something in your savings account each pay check, even if it is only $5 and the change from your paycheck.

Answer 3

Make a monthly budget listing all your expenses and then set days within the month to pay things. Try to include things like fun and eating out in the budget too, because you know you'll be tempted to do that. Also try to save 5% for saving so maybe you can try and move to somewhere were the rent is cheaper (always be looking). You may have to go without some things (like cable, Internet and phone, if you have a cell phone) until you've been on your budget for a while. The first few months will be hard, but after about six months it'll get easier!

Answer 4

Having recently lost my job, and having to start again on a much lower wage I've become quite adept at budgeting. I've found the best way to start saving money immediately is to write a 'menu' for the week ahead's meals, and then a shopping list based on that. ONLY BUY WHAT IS ON THE LIST!!! Resist temptation and you'll save oodles. No more buying stuff spontaneously and leaving it in the freezer for five years. Good Luck!

Answer 5

Shop frequently for food in small amounts and buy things that are in season. How many people do you know that buy food near it's sell by date because it is reduced and end up throwing it away 2 days later because it has gone off. The most expensive way of buying potatoes is to buy a bag of crisps. Choccy biscuits are classed as luxury items and hence VAT is payable. Digestives are not classed as luxury hence zero rated stupid but true. All processed food is overpriced compared to fresh and less healthy. Save on food and you can afford a bottle of wine to wash it down with. That's the reward for trudging down to the shops more often.
Decide how you are going to split the bills from day one. Its much easier when you are still talking to each other at the beginning!
Income inequality can cause a lot of problems relating to guilt or resentment unless you have clearly defined objectives and stick to them. Scrimp and save but reward youself every now and then.
Good luck

Answer 6

Get an ISA account no tax upto £3000 and you recieve something like 4% Interest, plus you can take the money out whenever you need it. Eat out less and buy speacil offers checking that you can manage to consume within the time stated, Keeps doors and windows locked to keep in and switch light off when your not in the room or and energy saving light bulbs

Answer 7

Set up a spreadsheet. List all items that you are going to spend money on. Estimate how much they will cost (average out your holidays as well if you can afford them. See what it all adds up to. See if it is less or more than your income. If it is then look at what you can reduce your expenditure on. This is your budget. Then track how much you are actually spending each day. List every penny & add it up every day. It is frightening how all the small items add up to a hell of a lot.

Answer 8

Don't buy anything that you don't need. If you have enough clothes to wear, don't buy new clothes. Buy food from stores like Costco and BJs, because that's much cheaper. Don't go out for dinner-- Just make things at home. Save all your change and use that for smaller things like toothpaste and pens. Good luck!

Answer 9

The Motley Fool is a very good website for simple financial advice.

http://www.fool.co.uk/news/comment/2006/c060711b.htm?source=ioowftxt0010011

Answer 10

For a month write down EVERY PENNY that you spend. You'll be amazed how much some stuff adds up. Then you can make a more informed decision about where you can trim your spending down.