How to not overspending my monthly budget?

Question

I'm in uni

I have calculated my budget and my parents oversea sent it every months the exact amount.

But most of the times, I just overspend it, this resulting in conflict with my parent because I have to ask more.

I don't have credit card btw.


10 pts. for good or detailed answer

Answer 1

First you separate your (almost) fixed costs (rent, gas, electricity, transportation etc.). Put the money in a box called "Fixed". Then you calculate, how much you need for food (just for you) for a month. Put the money in "Food" box. Put the 1/3 of the remaining money in "Saved" box. You can spend the rest as you wish. When you finish the uni, take the "saved" box with home.

Answer 2

People only overspend on things that they "want", not what they "need". You need to learn self-control, and this takes time and practice. Write down all you spend money on for one month, then begin to erase some of your overspending once you see on paper what you are buying 'just because you can'.

And YOU tell your parents to stop sending more. If you go a week or two without funds, you'll then appreciate a budget and will be more likely to stick with it.

Answer 3

You need to create the budget and then make that the "manager" of your money. Once you agree to your budget, don't do anything else in your budget. My guess you aren't accounting for something (blow money, entertainment, clothes, etc.)

I assume you get "paid" from your parents once per month. Then you need a detailed monthly budget. List all your bills and then all your wants and put a dollar amount by each item and stick to that dollar amount. At the end of the month you should have zero. Some of your money needs to go to savings for future purchases, emergency fund, etc. You want to give every dollar you receive a name (electric, water, food, restaurants, clothes, savings, emergency fund, etc.) If you don't have any debt (credit card, car, student loan, etc) then you need to start saving 3-6 months for emergencies (car breaks down, you loose your job, you need to fly home ASAP, etc).

I use budget forms from Dave Ramsey (website: www.daveramsey.com) and his book (The Total Money Makeover) explains the budget and emergency fund and all things financial in detail.

Good luck!
Update: His website forms also explain how to fill out a budget and explains his rational. http://www.daveramsey.com/media/pdf/fpu_monthly_cash_flow_plan_forms.pdf

Answer 4

Your parents are doing you a disservice by sending more. It is simple, spend only what you have. If you run out before the next shipment, live and learn. You say you don'thave a credit card, but your parents are acting like one, but with no consequences. Should this continue after school, on a credit card, you will dig a hole impossible to get out of.

Answer 5

Let me share with you an advice I received some time ago, an advice that I have been sharing with friends ever since: make a monthly budget, after a good deal of thinking, deliberation, within reason's bounds, very practically -- allot some money for spending, allot some money for saving: never, never try to save from what you have planned to spend, and, never, never, spend from what you have planned to save! Now and then, revise the budget, critically look at it, review as required, as your circumstances change, but always stick to that basic principle! enjoy life, enjoy spending 'some' money; but at the same time, be wise, save 'some' for the day ahead, for safety, security and freedom of future! Be your own auditor!

Answer 6

Really sit down and write down what are your expenses. Are there things you can do without or scale down? See how much for food you need, how much for gas is needed, how much for toiletries....etc. You could even get a part time job at school for a little extra cash. Or better yet you could offer to help other students for cash. Tutoring or cleaning there rooms. Be inventive, and you can survive. Try it for one month and see how you do. Good Luck!

Answer 7

Not sure what you have to buy. But stick to the necessities. Buy what you 'need' and not what you 'want'. Look for sales on items that you need.


Good Luck!