Budget and Time Management Advice

[katip]

I recently realized that I need major help in both areas. I don't know where my money and time goes and it's leaving me stressed out. :redface:

My monthly income (paychecks and student loan) currently comes to around $1000. ( :eek: ) I work 20-30 hours a week and am in class 11 hours a week. I need 10-20 hours a week to study. I've been writing down all my expenses and what I do every day + for how long.

I need advice on how to make/stick to a budget, how to organize expense categories, how to balance time so I can fit in some important things (exercise)...

Any suggestions? :confused:

[winneythepooh7]

Start by writing down all your bills.

Then substract all of that from the rest of your income.

[tdko]

This is my system:

First, figure out your budget. That is, how much do you spend every month on bills, rent, and other trackable items. (Estimate for gas, eating out, and groceries.)

Make a "bill calendar," showing all the bills you have and what day (roughly) they're due. You'll have to pull out some old bills to do that one. The calendar will help you figure out how your paychecks relate to your bills, when you have money, when you won't.

Make sure that the total doesn't exceed what you make. If it does, then you need to cut some things out.

For all the bills that don't change much month to month, I'd recommend setting up automatic payments. That way it's guaranteed paid and you can't fudge.

We set up a weekly budget for all "non-fixed" things like lunches, any eating out, comic books, whatever--then we took it out in cash. If we run out, then we're out. Easy as that. We also don't pay for anything with a debit card except gas and emergencies. That way we avoid spending money we don't have or forget to write down.

[katip]

We set up a weekly budget for all "non-fixed" things like lunches, any eating out, comic books, whatever--then we took it out in cash. If we run out, then we're out. Easy as that. We also don't pay for anything with a debit card except gas and emergencies. That way we avoid spending money we don't have or forget to write down.

That's an interesting idea. I usually NEVER carry cash. I'm not sure if this would work for me though. I'm afraid that if I had say $80 in my wallet, I'd spend it before the weekend... I hate money. :mad:

[paiger81]

Yeah, I used to think "Geez, if I carry cash, I'll spend it too quickly." but when I actually started carrying cash(and leaving the debit card at home), it made me really mindful of what I really wanted to spend $$ on & what I deemed not a need.

[winneythepooh7]

This is my system:

First, figure out your budget. That is, how much do you spend every month on bills, rent, and other trackable items. (Estimate for gas, eating out, and groceries.)

Make a "bill calendar," showing all the bills you have and what day (roughly) they're due. You'll have to pull out some old bills to do that one. The calendar will help you figure out how your paychecks relate to your bills, when you have money, when you won't.

Make sure that the total doesn't exceed what you make. If it does, then you need to cut some things out.

For all the bills that don't change much month to month, I'd recommend setting up automatic payments. That way it's guaranteed paid and you can't fudge.

We set up a weekly budget for all "non-fixed" things like lunches, any eating out, comic books, whatever--then we took it out in cash. If we run out, then we're out. Easy as that. We also don't pay for anything with a debit card except gas and emergencies. That way we avoid spending money we don't have or forget to write down.

This is a GREAT plan. I am going to start doing that. Especially because the branch of my bank is right directly across the street from my job........

[katip]

Yeah, I used to think "Geez, if I carry cash, I'll spend it too quickly." but when I actually started carrying cash(and leaving the debit card at home), it made me really mindful of what I really wanted to spend $$ on & what I deemed not a need.

Ahhh... Leave your debit card AT HOME. That's the trick to it, huh? Actually, this made me think back to when I was in high school and didn't have a debit card. Anytime I needed money, I had to go to the bank. So when I was shopping, I would only have say $100 to spend and couldn't spend more. I'm going to try adding this to my current plan of keeping track of how much and what I spend money on.

[tdko]

That's an interesting idea. I usually NEVER carry cash. I'm not sure if this would work for me though. I'm afraid that if I had say $80 in my wallet, I'd spend it before the weekend... I hate money. :mad:
Sure, you might blow through it the first week, but if you stick to the "don't take out any more till Sunday" plan, it'll hurt enough that you remember the following week.

And I don't think it works that way. When you look at each bill coming out of your pocket, knowing that's all you have till Sunday, you pay better attention. You start to think ahead to how much you'll need each day.

[katip]

Now I just need to figure out how much I should allot myself every week... :frustrate

[paiger81]

I generally allow myself $75 on Monday morning.

[tdko]

Just figure out how much you spend on lunches, then add a little for eating out. So if you spend $6/day on lunch, then alot $30 for the work week, then throw in another $30 for eating out. It'll force you to eat at home more (possibly), but it'll also give you the freedom to eat out when you want, because you'll know you can afford it.