Can somebody help me in budgeting my self. Every month i find myself living from pay cheque to pay cheque?

Answer 1

Here are a few resources I use. I got them from a finance blog I visit every now and then:

http://financialbasics.blogspot.com/2006/11/personal-budget-planning-tips.html

http://financialbasics.blogspot.com/2006/11/creating-budget.html

And this last one is a little unconventional :)

http://financialbasics.blogspot.com/2006/11/using-cash-to-stay-within-budget.html

Enjoy!

Answer 2

Wow, lots of pessimistic people answering you! You don't always have to live pay check to pay check. Most people do but you won't be able to retire if you continue to do so.

Budgets work, you have to work them and stay committed. The best budget I have found is simple and by Dave Ramsey. He has a column "blow money" this is an amount of money each month you get to do what ever you want with it, so it gives you flexibility for coffee in the am or the occasional lunch out at work, etc.

His budget is called "zero based budget" meaning on paper every month before the start of the month you calculate how much you make and then list all your expenses, including dry cleaning, gas money, blow money, etc. You do that each and every month. If you have an irregular income, he has a plan for that too.

Take a look at his website www.daveramsey.com
And his book: The Total Money Makeover or Financial Peace Revisited. (I have read both books, both good, almost the same information just a little different format.)

If you are in debt, he will help you with that, if you don't have debt, he will help you get to your next goal (buy a house, emergency fund, pay cash for a car, retirement, etc.)

Answer 3

What help do you want?

The best thing is to increase income and reduce expenses.

The tried and trusted thing is to keep expenses lesser than your income.

Many ppl cannot control expenses which is the biggest problem. So list down your expenses every month and see how you can reduce the largest item. Then move to the second largest item and so on. You should be able to get control of your expenses. It needs mental discipline to live within a budget.

To begin with spend only on essentials like food, shelter and clothing. Stop all other expenses like entertainment, partying, smoking, drinking etc.

The other method is to automatically save at least 10% of your income before spending on anything. Live within the remaining 90%.

Learn to invest wisely.

Answer 4

Most Americans live from paycheck to paycheck.

First, sit down and list all your monthly bills. Start with the most important to the least important.

For example - for most people, the rent or mortgage payment should be at the top of your list. The next in importance would be the car payment (if you have one). And so forth.

You absolutely need the roof over your head and if you have to drive to work, you absolutely need the vehicle.

Next, figure out how many paychecks you get per month. Is it one? Two? Four?

For the sake of this example, let's just say you have two paychecks per month.

So now you are going to go through each monthly bill and divide it by two. You are going to set aside from each paycheck, half of each of your monthly bills. You will set it aside and NOT TOUCH IT. That is the key to budgeting yourself.

When the bill is due, you will have the money to pay it.

Now, if you go down your list and find that you have more 'bills' than you have 'paycheck' left, then you will have to start eliminating some of your expenses.

For example: Eating out every day is MUCH more expensive than buying the groceries, making your lunch at home and taking it to work every day.

Make lists of things you have to get from the store and determine to make your purchases just once per week, instead of making numerous trips to the store.

Keep your money in the checking account instead of in your pocket. That way, you won't be tempted to spend it frivolously. The harder it is to get to, the less tempted you will be to spend it.

I hope these tips will help you. Not knowing your particular situation makes it harder to be more specific.

Good Luck

Answer 5

Budgets don't work mate. They don't offer you the flexibility that you need to live day to day. What I'd recommend is you have 10% of your czech sent directly into some type of savings vehicle. Be it a regular savings account or an IRA or a 401k.
Believe me you won't miss it. The other 90% is yours to enjoy. And live within or ideally below your means. Look about. How much do you REALLY need. There's tons of people living on less than you, aren't there? Cut out an unnecessary expense or two. Or ten. You can do it. The reward is a much higher level of comfort. It's easy. You just have to take the steps. Don't be like everyone else. Do better. Know any old people who never saved anything? I do. It's sad to see them have to live the way they do. Tomorrow is inevitable. Be prepared.

Answer 6

First you figure out your total expenses for the year. Divide that by the number of paychecks per year (weekly=52 monthly=12, etc) Put this amount into an account that you only pay bills out of. Do not touch this money for anything else. What you have left over is your spending money til the next pay day. If you need 400 for your budget and your paycheck is for 500, you have 100 to spend for food, gas, clothing, fun, etc. If that's not enough you have to find more income or less expenses, cable, cell phone, high speed Internet to name a few are luxuries. After you get accustomed to this you open another account for an emergency fund (5,10,20 dollars per pay) it adds up fast. Rule of thumb is 6 months income in your emergency fund. The next step is a savings account for the future (house, investment, etc.) This will only work if you don't touch you budget money for anything other than you regular bills that were in the original equation, if you "must" pull money out for gas to get to work or food, etc, it won't work. Good Luck

Answer 7

Unfortunately, I also live from check to check. My checks are small so I do pretty good If I make it to the next check. Keep track of every penny you spend for 1 week. You'll be surprised where your $ goes. After seeing this it will be easier to cut back unnecessary spending

Answer 8

Join the club....I think alot of people are living from pay cheque to pay cheque....The only adivise I have is, try to put $5,10, 20, 50 whatever you can into a separate bank, every week . Then watch your money grow!!

Answer 9

2 suggestions:

1. impose strict discipline on yourself (meaning restrain yourself from ANY unnecessary spending); or
2. find a trustworthy individual to hold on to your cash, after you've appropriated it. simply keeping your money in the bank won't do, because then, it will be tempting & easy for you to withdraw, anytime. a trustworthy person becomes your accountability partner. at the same time, he/she can challenge you if your money is worth spending on something.

Answer 10

LOL Okkkaayyyy Eww