How do you budget your money?

Question

How do you budget out your money when the rent is do? Do you pay the rent in full then go shopping? Do you grocery shop then pay the rent? do you pay your phone bill on time in full? You know what I am getting at.

Answer 1

unfortunately i dont know much about budgeting,thats why i always have too much month at the end of the money!

Answer 2

When I rented I saved for it. Take 1/4 of the rent out of each week's pay. Do that for all the big bills like a car payment so if you know you need $200 a week for rent and $150 for the car payment you set that aside before paying small bills or buying anything. Then every 4 weeks you will have enough for rent and a car payment without having a bad financial week. At the end of a year you would have 4 weeks of extra money already set aside so it can start your emergency fund so when you are unemployed you can have an extra month of rent and car payments making it easier to live on unemployment a month.

Answer 3

sometimes you have to rob Peter to pay Paul, but on thing you don't play with is your rent. you can live with out a phone if need be, what good it the phone if you don't have a place to stay. then what you have left you go grocery shopping, or just get something that will last a couple of days.

Answer 4

You need to sit down and do a budget. Account for every penny you spend. You probably will need to save money from every paycheck to have enough money at the end of the month to pay the bills that come in

Answer 5

My brother-in-law had some problems handling his finances, so my wife and I sat down with him and helped him get straightened out. This is what we did, maybe it would work for you too.

1. Get your paycheck direct-deposited, if possible. If your employer doesn't provide that, then you have to discipline yourself to put the money in the bank right after you get paid. Don't cash it, just put it all in the bank. Every penny.

2. Set up automatic electronic payments. I automate as much of my banking as possible. Phone bills, car payments, mortgage payment... it all happens every month on its own and I don't even have to think about it. Have them take the money right out of your bank account so that you don't have to remember to do it on your own. Most places will allow you to select your date of payment so that it's most convenient for you. You just have to call them and set it up. I would suggest making all your bills due immediately after your payday. That way you know the money is going to be there when your bills come due.

3. Write out the checks. If you have a payment that you can't make electronically, then you have to write out the check. Do this right after you get paid.

3. Don't make minimum payments. It's a trap, and it will catch up with you later as the interest accumulates. Pay all your bills in full every month. Don't give creditors an excuse to come after you. The only exception to this rule is healthcare. If you have an unexpected medical expense that isn't covered by insurance, talk with the provider about setting up a payment plan. Most places don't care if you only pay $5 a month, as long as you make an effort and keep up with your payments. Negotiate with them to make it as easy as possible to fulfill your obligation to them.

4. Do the math. Add up all your monthly bills and then subtract it from your monthly income. This is how much money you have to get you through the month.

5. Face the music. This was the hardest part for my brother-in-law. He finally realized that he wasn't rich, and he had to make some serious lifestyle changes to avoid bankruptcy. That included not eating all his meals at restaurants, giving up his cell phone, not buying expensive jewelry for his girlfriend, not trading in his 10-year old Chevy Cavalier for a Mustang... etc, etc.

6. Set up a savings account at the bank. Consider this one of your expenses. Set aside a portion of that extra icome as savings every month. And don't be stingy about it. You'll need it if something catastrophic happens. And by catastrophic I don't mean needing money to buy a new pair of jeans or something. I mean like losing your job, crashing your car, having to pay for an unexpected funeral, etc.

Answer 6

If you don't choose to live within your means soon you'll be forced to !!!!!