Budgeting Tips?

Question

I have about $3,200 in debt I would love to pay off this summer. Any tips on how I can do this fast and efficiently? Mind you I make $900 a month and my monthly rent is about $260-280. I have no car payment. Car Insurance is about $155 a month. Cell phone is $60....etc.

Thanks!

Answer 1

The best way is to write down all your expenses on a monthly basis and seeing what you can live without. Keep in mind that you have to have a social life and have some fun so don't just count the necessities when you do this. Buy off brands at the supermarket, use coupons, and eat out less.

Answer 2

Well, I don't know what your other expenses are, but you just need to make out a monthly budget and stick to it as much as possible.

Build a little extra into the expenses for food and gasoline or transportation, so as to have a little flexibility.

Then see what that leaves you every month. Take 1/3 of the excess and set aside for your "rainy day" fund, if you don't have one, then you could pay 2/3 of any excess income on the debt.

Of course, the more you scrimp on expenses, the more you can pay on the debt, so whatever you're comfortable doing without will help you get it over with. Also if you dip into your rainy day fund, you need to replace that money! Very important to do that!!! And, too, don't use it except for absolute emergencies.

Answer 3

Break your expenses into needs (rent, food) and wants (cable TV, eating out, movies, fancy clothes) and see if you can cut down some of the 'wants' every month. Assuming you have credit card debt... pay back more than the minimum balance. I don't know how you can pay off $3200 when you have a monthly $900 income in six months. You could pay off $200/month and maybe pay off the load in 1.5-2 years.

Answer 4

I'd start by getting a cheaper cell phone; do you really need to talk for that many minutes?

It's difficult to give much help because you didn't give specifics. If you're a student currently working part time, the answer would be a lot different from if that $900 represents a full-time job..

Answer 5

always compare things when you buy... go to websites like kelkoo ect... make food from home rather buying in the shop cos its really expensive.. for example here in UK we pay avrg 2.50 for a cr@ppy sandwich.. but if you make one at home how much does that cost? pretty much nothing we can buy a whole bread for 80/90p.. see how that makes sense.. it only take about 10/20 mins to make it...
use bus rather than driving.. if its possible cos its cheaper..
buy company Own brand products.. they taste and look exatly the same as the brands you see on tv adverts

Answer 6

Just spend as less as you can thats the trick and instead of buying at 99 cent store buy at the 98 cents store

Answer 7

Is car isurance really necessary? Drop that.

Answer 8

dont use credit cards and only buy what you need and pay cash