Me and my boyfriend have been living with my parents for 4 months. My parents let him move in to help him out (he just graduated college and started working) so he can save alot of his money and buy a place of his own. Well, we want to get a place but the horrible thing is we havent saved ANY money (maybe like $200?), and we dont even know where his paycheck goes, we dont go out all the time or buy really expensive things. Im in school full time, and he works full time. We need to make a budget, because its frustrating that after all this time there has been hardley no money saved, so how do make a good budget that allows for maximum savings? Thanks!
2007-03-15 07:34:21 · 4 answers · asked by Flgrl2 2 in Business & Finance ➔ Personal Finance
Get a paper and write down all the thing u guys buy and need.. Then subtract that by your guys income.
and see how much money u guys have left.. so u guys can see how much u can put away.
2007-03-15 07:39:37 · answer #1 · answered by shorty21 5 · 0⤊ 0⤋
I personally look after my family budget and all spending items need to be accounted for so that at any point in time you know where you are. Requires discipline but that's the only way.
For a couple about $200 p/w would be an average spend on food for example. If you have kids then you need to add at least another $100 p/w per child.
To help you with budgeting I'd recommend a personal finance software by Australian business Parcus Group.
Easy to use program with features including budgeting, financial planning, real estate analysis, shares valuation, life insurance...
Costs US$24 so it's not a huge investment but a good value for money.
You can get it on
http://www.parcusgroup.com/index.html
Regards
2007-03-15 21:01:36 · answer #2 · answered by Finance_Expert 2 · 0⤊ 0⤋
I have followed what a teacher tought us in High School. First of all you have to PAY YOURSELF. When that paycheck comes in, deposit at least 10 percent in the savings account. Do not PAY anything else unless you PAY yourself first. By doing so you will in time have a significant amount of money. Try paying yourself 10 percent of your paycheck and DO NOT WITHDRAW money from the savings account.
Hope this helps, it helps me greatly.
2007-03-15 15:18:17 · answer #3 · answered by wiseob3oo 3 · 0⤊ 0⤋
The best budgets are the ones in writing that are followed as much as possible.
I created one in Excel. If you'd like a copy of it, just email me! I'm more than happy to share it with you.
2007-03-15 15:39:08 · answer #4 · answered by boo's mom 6 · 0⤊ 0⤋