Help me manage my money!!!?

Question

I am 18 years old, I work part time and I go to school full time. I still live with my parents but I pay for my own stuff. It is really hard keeping money around for things. Please help me!!

Answer 1

The easiest way to manage your money is through careful budgeting. It can be a real pain, but once you start you will no longer freqk out about money issues. First of all track your expenses and income for a month so that you know what you have to work with, then track things that you ultimately have to pay for (ie. food, transportation to school/work, etc.) these things must be essential items.

From this, take another 10% out as savings. It may seem obnoxious but this will make sure you have money if you ever hit a real financial issue, and it will give you wiggle room if you want to make a major purchase.

After that divide the rest of the money up week by week and give yourself a "fun" allowance, this can be used for any extras that are not neccessities, anything you want really. But by giving yourself a set amount per-week you no longer "borrow" money you don't have yet. If you run into a week where you have a lot of expenses or something extra consider first "borrowing" from another week that you've already earned for, or consider borrowing from your savings. Otherwise try and avoid touching your money outside of your allowance. Hope it helps, and good luck!

Answer 2

We all deal with this question, no exceptions. This is a perfect time, and example of learning to budget. You probably have money coming in, but you can't count it until you actually have it in cash or an account. Then figure what you need to spend--lunch, CDs makeup etc. And then what you "want"-tickets to a concert for example. You decide where each dollar will be allocated to.

A secret---well not such a big secret- I used was to track where I spent my money. I used a composition note book to track every penny. Then I could see my foolish mistakes in spending, and make adjustments. If I wanted to go on a date, I needed to have $X amount of money. That meant quit buying candy and chips. It meant sacrifice of one thing to have the other. This is pure personal finance, and you will make these choices all your life. To keep money around (for future wants and needs) start saving 10% right off the top of your income, and vow not to spend it, unless you absolutely have to.

Answer 3

One thing I like to suggest to people attending college is to look into working FOR the college - if you switch things around, and instead attend classes part time and work full time (at the school) then you will qualify for tuition remission (FREE COLLEGE - no loans to pay back) and you will be able to put quite a bit of money away for your future.

Answer 4

BASIC: Make a budget sheet with two columns headed "vanity" and "essentials". Place your monthly expenditures item by item under the appropriate heading. Now start whittling away at the "v" items. Of course you won't (or can't) do this extensively because neither can any one else. This however shows what can be given up without jeopardizing your life. You can choose a few. Hope you have better luck at this than I do.

Answer 5

Pay everything cash. Not debit card. When you run out of money stop spending. It is really that simple.

Answer 6

"I don't need things. I NEED A HOUSE" (Print this SUPER BIG and place it in the ceiling of your room)

I also suggest you to open a brokerage account at Zecco and send them at least 80% of your salary for a while.

Answer 7

cut back on expenses. do you really need a cell phone? This holiday season cut back on gifts.

Answer 8

you should by Quicken. it will help you manage your finances. stay away from credit cards especially at your age.