I have a problem in budgrting my money?

Question

any budgeting tips or strategies plz? thnx!

Answer 1

a) Know how much you make.
b) spend 10% less than the answer above (e.g. save money)

a correlation to that is...

If you don't make it, you don't spend it.

Simple, but effective.

Answer 2

Assuming you get paid monthly like most people, you could look at your balance on the day before payday. Next month, do the same. Is it better or worse? That will tell you which way you're going.

Apart from that, look at sites such as fool.co.uk (if you're in the UK) to see if you can save money switching mortgages, insurance or even your internet connection.

Otherwise, you have to look at all aspects of your spending + life. Things which can gobble up money:

1. Gym memberships which aren't used. You keep them going in the hope it may motivate you into going but you never do attend.
2. Paying for cable/satellite channels which you don't watch.
3. Eating out (depending on what country you're in) + takeaways.
4. Wasting electricity e.g. leaving a TV on standby.
5. Driving a vehicle which is fuel inefficient or costly in terms of maintenance.
6. Buying more than one lottery ticket if you do the lottery.
7. Gambling in general.
8. Excessive smoking and/or alcohol.
9. Paying over the odds for products without using price comparison sites.
10. Having a large amount of savings whilst having an expensive loan e.g. credit cards.

Answer 3

Always put 10% of your gross into savings before you do anything else. Then, make a list of all your expenses - ALL of them. Then, based on how many times you get paid in one month, divide your expenses into that many catagories. Like, if you get paid every week, then you should make a budget for each week. And always do this ahead of time, making a schedule of when things are due, and what week they will be paid. Then you take each item you've listed in your expenses list, and schedule it for the week or 2 weeks ahead of when it is due. Then, you will need to add to the weekly schedule, the things that will appear for each pay period, such as $ for food, clothing, gas, and miscellaneous for each pay period. You can even put "mad money" for each pay period on the schedule. Just whatever your particular expenses happen to be on a regular basis, make sure they are scheduled on the budget as often as needed. And when you get paid, you sit and divide up what goes where, and stick to it. But be realistic, and don't touch the savings.

Answer 4

get a diary and write down your every little spend for a month even somethind as small as a freddo frog chocolate form the conveniance store recodr it down, then see after the month what you really could have gone without and calculate the total, say you could have saved $400 a month just on junk food and other food and drinks bought at gas stations multiply that over 12 months thats $4800 wasted that could be a nice holiday or towards a home deposit,shoppinf spree anything yu'll be surprised where you can save a lot of $$$

Answer 5

Try to keep outgoings to a minimum and try to save a little (even if it's only a small amount like £5-£10 each month - you will get used to saving). Write out what you currently spend and what you think you could live on and try it. If you spend a lot going out, see if you can have friends come to you. Try not to live on credit - either credit card or your overdraft. Good luck - think of a goal you would like to achieve if you had more money and keep that thought in your mind while you (perhaps suffer a little) to get there.

Answer 6

Work out your basic costs, deduct that from your income. Bank half if possible, and enjoy spending the rest, but increase your savings every month, unless there is a major expenditure, or something unforeseen. Learn to enjoy saving. Reduce unnecessary costs. Eat nutritious food, which needn't be expensive, but don't eat out too much. Stick to your budget, and don't be tempted to splurge, to make you feel better!

Answer 7

Don't we all , I've learned to save a certain amount every month after bills, and miscellaneous. To set a spending limit i can afford on shopping,hanging out and such .Bottom line( wants and needs), satisfy your wants first , then minimize the need to something reasonable that you can afford with the amount of money you make . Reward yourself every once in a while with something you really want so that you can be motivated to save .

Answer 8

Before you buy something, stop and think twise if you really need it.
It's hard to say much here, since i don't know your life style and age. yet, i think poor money management comes from spending little ammounts often and usually on thing we don't really need. Set the ammount you can spend each week, at the start of each week withdraw that ammount from your account devide the pile by 7, at no given day carry more then the set ammount.

Answer 9

Make sure you pay the Taxman.

Answer 10

do NOT spend on things you DO NOT need , don't spend on things just because you WANT them, spend on the things you need