What is the best way to budget or save your money?

Question

I'm having a hard time with money and im trying to save some and still pay my bills off but how can i create a system to where i can pay my bills and save and still have money to go out here and there?

Answer 1

It does take a lot of discipline. I have a simple spreadsheet where I put down my monthly take-home pay and list all the monthly expenses I know I can't get out of (car payment, mortgage, utilities, groceries, etc.) AS SOON AS I GET PAID I transfer the amount of my expenses out of my checking account into my savings account so I'm not tempted to spend it. Whatever is left in my checking account is my allowance for that pay period. I put all my expenses on my credit card and when the credit card bill comes, I pay it out of my savings account. It sounds weird, but it works for me.

Answer 2

When you develop a budget, make sure that it is a livable one. In otherwords, don't set amounts you need for food and other necessities very low just so you can pay debt off faster. By livable, I mean a budget you can realistically stick to. This means that your budget should provide for the following:

--Pay all of your secured creditors first (house, car payment, etc).

--Set realistic estimates of what you need for your monthly living expenses, such as food, utilities, fuel, etc.

--Set aside amounts for an emergency fund.

--After you've decided what amount you need to cover all of your fixed monthly bills and living expenses, hopefully, you have some left over to start a savings plan.

You can use the envelope plan - get a bunch of envelopes and label each one based on what you pay out each month - rent, electric, gasoline, etc. When you get paid, put a portion into each envelope. If you get paid 4 times a month, then put 1/4 into each envelope each month. Be sure to include a "savings" envelope.

It will take a couple of months to get the right amounts going into some of the envelopes.

Make a note whenever you spend money and see at the end of the month where it is going. Be watchful of what you are spending. A cup of coffee at Starbucks is more than you need to be paying. Bring your own from home. Look for other ways to cut your expenses.

Answer 3

First, figure out how much you make in a month. Then subtract all your bills. After that, subtract what you spend in a month on the necessities like food, gas for your car, bus fare, haircuts, dry cleaning, whatever. Those can be adjusted over time if you find out you need more money in one area or less money in another, but take a guess and give yourself a baseline. Whatever you have left is yours to "play with." If you want to save money, make sure to put something aside every month without fail. You should also put aside a certain amount every month so you can go out and have fun. After you do that, throw the rest at your bills. BE SURE to put some money aside every month. Financial gurus always say pay yourself first, so if you think that might be a problem you should have your savings alloted directly out of your paycheck. Out of sight, out of mind, right?

Answer 4

Add a fun money item to your budget. Even if you can only afford $10 a month at least you can have something to look forward to.
Going out doesn't have to cost much, find a place with no cover charge, eat before you go and order water or soda or only one drink. You can enjoy your friends and being out without getting drunk or spending a fortune. Offer to drive if you won't be drinking.
If you want to have cheap fun invite people over for cards or something. If they ask what to bring tell them snacks or beverages and you can have hours of socializing for very little money.

Answer 5

What you really need is a planner and a way to track your expenses. So you know what you are using your money for. I use a free online program call expenseRegister.com. I can set up a budget, record and track my spending, setup reminders, etc. Check it out, it is free!

Answer 6

You can't liston to every good sales pitch that comes along, especially the ones who promise a savings ( big discount) these adds entice you to buy in a hurry when you may not have needed or wanted to buy anything.

Answer 7

Mutual fund or any money back policy. If you want means look into the link below to learn more option to invest in various place

Answer 8

only way to do it is to pay your self first every payday and put it where it is liquid (not beer) but you will not be tempt to touch it -- you should have at least 4-6 months of rainy day funds there

then pay part of your bills each payday and what is left you can blow!!!